The Council considered the submitted report in respect of match funding for the South Devon Link Road.  Revised Scheme Costs were circulated at the meeting.

It was proposed by the Mayor and seconded by Councillor Darling:

(i)         that the Executive Head of Finance, as Section 151 Officer, be authorised to commit Torbay Council to approximately £11.5 million of additional match funding required to deliver the South Devon Link Road scheme if the bid is successful.  (Information in relation to the potential spending programme is set out at Appendix 1 to the submitted report);

(ii)        that the additional £11.5 million be provided from prudential borrowing;

(iii)       that the potential sources of funding available to the Council to repay and service the interest on that borrowing, particularly in relation to New Homes Bonus (NHB) and Community Infrastructure Levy (CIL) be noted;

(iv)       that the risks associated with this borrowing and the potential impact on the delivery of other infrastructure and services be noted; and

(v)        that the Council authorises signature of a formal Agreement with Devon County Council committing to a 50/50 Cost Share arrangement for preparation of the bid and delivery of the scheme if the bid is successful.

On being put to the vote, the motion was declared carried.

(Note:  Prior to consideration of Minute 158, Councillor Doggett declared his personal interest.)