Meeting documents

The Committee was updated on the current position regarding the development of the Amersham Multi Storey Car Park to provide a total of 1,046 car park spaces, an increase of 366 on the current 680 spaces. The project was to be put before the Planning Committee on 22 June 2017.

It was highlighted that the existing car park was running at full capacity throughout the week with up to 80 cars often being turned away daily. These cars then take up spaces in the town centre which in turn affected the local trade.

Detailed costs were outlined in the report and appendices and detailed breakdowns were available. The Committee were advised that the total cost noted was the total cost certainty that the selected contractors would sign up to. A recent capacity survey had recommended that by 2036 additional spaces of between 339 and 520 were required to meet anticipated growth in rail travel and housing.

Should the project go ahead a loan would be taken out through the Public Works Loan Board to fund this project which would take approximately one year to complete. A detailed income and expenditure was provided in the reports pack and the Committee were advised that the project would cover its costs and provide an income over a 40 year period. Estimates had been cautious due to the small risk of the car-park not being used to a high capacity. Modelling on various scenarios to show potential income could be seen in Appendix C.

Mark Jackson, Balfour Beatty took the Committee through the procurement and pre-construction process and reassured the Committee that site investigations, intrusive surveys, market test of demand, and design team meetings had all been completed. 100% cost certainty on Tender price had been achieved.

The item was discussed at length and the Committee were invited to make comments to be taken in to consideration by Cabinet. Issues highlighted included:

a)      The Committee requested clarity on item 4.4 of the report which noted the costs of the additional deck and further 126 spaces as £591,000 which appeared to be accounted for in the total £8.8m although was listed separately through other sections of the report.

b)     The £313k scheduled for relaying the surface on the top floor of the existing car park was included in the overall cost of the new car park.

c)      The Committee were advised that the Public Works Loan Board changed interest rates daily. It was confirmed that as soon as the loan was taken out, the rate would then be fixed for the life of the loan. Whilst rates had been stable for the last six months the Committee were advised that were approval given the rate would be secured as soon as possible to avoid potential interest rate increases.

d)     A detailed risk analysis had been completed and risks mitigated. The lifespan of materials used was in excess of 40 years.

e)      Staff parking had been reviewed with staff now able to use the additional capacity created at the Sycamore Road car park to alleviate some of the pressures on the Multi-Storey car park.

f)       The total cost per space had increased significantly when the fourth storey of the car park was added. This increased significantly to factor in progressive collapse territory.

g)     In terms of parking charges being increased in line with inflation it was explained that an annual rise of 3% was not expected but over time there was capacity to increase charges in line with inflation. The Committee required further clarification around the sensitivity of the figures to different assumptions about charges increases.

h)     The unforeseen project risk figure noted was explained, this would cover any potential further work required by TfL; any archaeology discovered during excavations and any judicial review costs. These were all felt to be highly unlikely

RESOLVED

1.      That the draft Cabinet report be noted and the comments of the Resources Overview Committee be forwarded to the Cabinet.

2.      Clarification on the pre-construction costs of £591k and the total overall costs be provided prior to the meeting of Cabinet on 27 June 2017.

3.      Clarification on parking charges in relation to annual inflation be provided prior to the meeting of Cabinet on 27 June 2017.