To consider a report of the Executive Member for Finance.

1. Thatthe proposed arrangements be noted 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. That Council be recommended to approve a capital budget increase of £5.6m (£3.7m in 2019/20 and £1.9m in 2020/21) funded by prudential borrowing to be reported to Council in February 2019 as part of the overall budget proposals.

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

4. That authority be delegated to the Corporate Director of Governance and Community Strategy and Corporate Director of Finance and Systems in consultation with the Executive Member for Finance, to negotiate and finalise the detailed contractual and commercial arrangements in respect of the above proposed investment.

5. That the Corporate Director of Governance and Community Strategy be authorised to enter into any necessary agreements or documents to give effect to the above recommendations.

The Executive Member for Financesubmitted a report which set out plans for investment into the Manchester Airport Group of companies to bring forward additional car parking provision in order to support continued passenger growth and sets out proposals for the Council together with the other nine district Councils within Greater Manchester to invest in and support the proposal. In response to a question it was noted that the officers would seek clarification from the airport on environmental mitigation measures.

            RESOLVED -

(1)        Thatthe proposed arrangements be noted 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)        That Council be recommended to approve a capital budget increase of £5.6m (£3.7m in 2019/20 and £1.9m in 2020/21) funded by prudential borrowing to be reported to Council in February 2019 as part of the overall budget proposals.

(3)        That the proposed equity investment be approved of £5.6m in Manchester Airport Group the details of which are set out in the report, subject to Council approving the increase in capital budget and expenditure of £5.6m funded by prudential borrowing.

(4)        That authority be delegated to the Corporate Director of Governance and Community Strategy and Corporate Director of Finance and Systems in consultation with the Executive Member for Finance, to negotiate and finalise the detailed contractual and commercial arrangements in respect of the above proposed investment.

(5)        That the Corporate Director of Governance and Community Strategy be authorised to enter into any necessary agreements or documents to give effect to the above recommendations.