The report of the City Treasurer is enclosed.

(Councillor Leese declared a prejudicial interest in this item of business as a Board Member of the Manchester Airport Holdings. He left the meeting prior to its consideration).

Councillor S Murphy in the Chair.

A report from the City Treasurer set out a proposal for investment into the Manchester Airport Group of companies to bring forward additional car parking provision at Manchester Airport. This was to support continued passenger growth at the airport. The report described the proposal for the Council together with the other nine district Councils within Greater Manchester to contribute to the setting up of a joint company with the Airport Group to build and operate a new multi-storey car park, delivering an additional 7,541 spaces.

Decisions

1.         To note the proposed arrangements to provide investment by way of purchase of equity in the Manchester Airport Group alongside the other nine district councils to provide additional car parking provision, to ensure future growth, details of which are set out in the body of the report.

2.         To recommend that the Council approve a capital budget increase of £5.6m (£3.7m in 2019/20 and £1.9m in 2020/21) funded by prudential borrowing.

3.         To approve the proposed equity investment of £5.6m in Manchester Airport Group, the details of which were set out in the report, subject to Council approving the increase in capital budget and expenditure of £5.6m funded by prudential borrowing.

4.         To delegate authority to the City Solicitor and City Treasurer, in consultation with the Executive Member for Finance and Human Resources, to negotiate and finalise the detailed contractual and commercial arrangements in respect of the proposed investment.

5.         To authorise the City Solicitor to enter into any necessary agreements or documents to give effect to the above recommendations.