CYDNERTH FULL BUSINESS CASE
Hedd
Vaughan-Evans (Head of Operations) and Dafydd Jones (Agri-food and Tourism
Project Manager) to present the report.
Decision:
1. To
approve the Final Business Case for
the Cydnerth project which is subject
to Menter Môn Morlais Ltd addressing the outstanding issues set out in the report.
2. To
authorise the Portfolio Director in consultation
with the Chair, Vice Chair, Section 151 Officer and the Monitoring Officer to agree and enter into a funding
agreement with Menter Môn
Morlais Ltd for the delivery
of the project.
3. To
note that the proposed funding model for the project is a 100% commercial
loan and approve that, once the cost of loan payments for
the loan element has been paid off,
the interest from the loan is allocated to a reserve fund to be used to fund the Portfolio Management Office in the coming years.
4.
To request an update
report on the project's progress in 6 months with
further details of fees, budgets and timescales.
Minutes:
The report was presented by
the Head of Operations and the Energy and Net Zero (Hydrogen) Project Manager.
DECISION
1.
To approve the Final Business Case for the Cydnerth
project which is subject to Menter Môn Morlais Ltd
addressing the outstanding issues set out in the report.
2.
To authorise the Portfolio Director in consultation with the Chair,
Vice-chair, Section 151 Officer and the Monitoring Officer to agree and enter
into a funding agreement with Menter Môn Morlais Ltd
for the delivery of the project.
3.
To note that the proposed funding model for the project is a 100%
commercial loan and approve that, once the cost of loan payments for the loan
element has been paid off, the interest from the loan is allocated to a reserve
fund to be used to fund the Portfolio Management Office in the coming years.
4.
To ask for a progress
update report on the project in six months with further details regarding fees,
budgets and timetables.
REASONS FOR THE DECISION
To
seek the Ambition Board's approval of a Final Business Case for the Cydnerth project.
DISCUSSION
The report was discussed.