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Roads private finance deal moves forward

Roads private finance deal moves forward
By Isle of Wight Radio Reporter Mon, 13 August 2012 9:39PM

The final steps towards sealing the Island's Highways Private Finance Initiative contract will be taken next week (21 August).

Leading Cabinet councillors are set to authorise entering into the 25-year deal with Vinci Concessions and French investment company, Meridiam.  Together, they will form a new service provider company that will carry out the work, to be known locally as 'Island Roads'.

Tuesday's Cabinet meeting is also expected to ask the Full Council to rubber stamp the contract, which commits the authority to an expected £7.3m a year towards the scheme.

Meanwhile, there won't be chance for other councillors to further question the move, because the authority needs to finalise the contract by the end of August.

You can read the full Cabinet report by clicking here

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