Decision Maker: Cabinet
Decision status: Noted
Is Key decision?: No
Is subject to call in?: Yes
For members to consider the terms of an
acquisition of land to facilitate the delivery of the Southern
Gateway regeneration project.
Mr Over introduced the item and outlined the exempt report. He then responded to questions and points of clarification raised by Mrs Lintill, Mr Briscoe, Mrs Taylor, Mr Bell and Mrs Graves.
During the course of the item Mrs Lintill allowed Mr Moss, Mr Barrett, Mr Sutton and Mr Oakley to comment.
The Cabinet then voted unanimously to make the resolutions and recommendation below.
1. That the agreement of the terms for the purchase of the freehold interest in the property shown edged on drawing no. 5736 (Appendix 1) be delegated to the Deputy Chief Executive/Executive Director, following consultation with the Leader, Portfolio Holder for Growth, Place and Regeneration, the Leader of the Opposition and the S151 officer, subject to the satisfactory completion of due diligence and a back to back arrangement and option to explore a buy back clause with the appointed development partner or the developer underwriting the holding costs.
2. That the Deputy Chief Executive/Executive Director, following consultation with the Leader, Portfolio Holder for Growth, Place and Regeneration, the Leader of the Opposition and the S151 Officer be delegated authority to conclude the purchase and negotiate changes to the heads of terms to reflect due diligence required.
RECOMMENDED TO THE COUNCIL
That the purchase consideration plus associated costs be funded by the use of reserves.
Report author: Mr Paul E Over
Publication date: 05/09/2019
Date of decision: 03/09/2019
Decided at meeting: 03/09/2019 - Cabinet
Effective from: 12/09/2019