Decision Maker: Cabinet Member for Highways, Assets and Transport
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To seek the Cabinet Member’s approval to
waive the requirement for a Guarantee Bond with regard to proposed
works at two locations. One at land off Portland Road and the other
at Market Close, Shirebrook. Both developments will be delivered by
Bolsover District Council (BDC) and will be subject to Section 38
and Section 278 Agreements under the Highways Act 1980.
That the Cabinet Member:
Approves to waive the requirement of a Guarantee Bond totalling £116,672 regarding the proposed development at two locations, one at land off Portland Road and the other at Market Close, Shirebrook which are to be undertaken by Bolsover District Council under Section 38 and Section 278 Agreements of the Highways Act 1980.
As the developer is a local authority, the County Council considers the risks of default or financial insolvency are negligible and are therefore able to waive the requirement for a Guarantee.
The alternative option is to not waive both bonds and request a Guarantee Bond or cash deposit of £116,672.70 from BDC. However, given that BDC has offered to underwrite the works and complete them to an adoptable standard this is not considered necessary. Also, as a local authority, BDC has a clear vested interest in ensuring good quality development at this site and the risk of noncompletion of the work is very low.
Publication date: 28/09/2022
Date of decision: 28/09/2022
Effective from: 06/10/2022