Approval for WYCA to enter into the Funding Agreement with Leeds City Council for the Leeds District Heat Network for expenditure of up to £4m towards the total project costs for the Leeds District Heat Network of £21.276m.
(vii) In respect of Leeds District Heat Network –
That following a recommendation from the Investment Committee, WYCA conditionally approves the following recommendations, with final approval of these recommendations being subject to WYCA’s Managing Director approval of the detailed grant conditions on a clawback mechanism:
(a) That the Leeds District Heat Network project proceeds through Decision Point 5 and work commences on Activity 6 (Delivery).
(b) That approval to WYCA’s contribution of £4.000m (which will be funded from the Local Growth Fund) is given.
(c) That WYCA enter into a Funding Agreement with Leeds City Council for expenditure of up to £4.000m from the Local Growth Fund.
(d) That the Funding Agreement makes provision for up to £4.000m to be clawed back if the Leeds District Heat Network makes an operating profit over the 25 year asset lifetime.
(e) That future approvals are made in accordance with the Approval Pathway and Approval Route outlined in the submitted report through a delegation to WYCA’s Managing Director following a recommendation by WYCA’s Programme Appraisal Team. This will be subject to the scheme remaining within the tolerances outlined in the submitted report.