Issue - decisions

Agreed:

1.    That the acquisition of the freehold interest in the site detailed in Appendix A be substituted for one of the sites previously identified in the Brownfield Acquisitions report (Stanley Tools, Rutland Road)

2.     That subject to the substitution being agreed that the Chief Property Officer in consultation with the Director of Legal and Governance be authorised to:

a)    Negotiate and agree terms for the acquisition of the site, set out in paragraph 3.5 of Appendix A subject to site investigation. Funding for the acquisition will be provided from the Corporate Investment Fund as identified within the Brownfield Acquisitions Cabinet Report dated 21 March 2018

b)    That funding is committed to for partial demolition, site management, site investigations, security and holding costs to facilitate the eventual re-development of the site as set out in para 1.8 of Appendix A.

c)    On acquisition that the Council seeks to immediately enter into an option agreement with a developer to purchase the site from the Council for price set out in Appendix A within 28 months and after obtaining planning permission to redevelop the site for circa 450 new homes.

3.That the Director of Legal and Governance be authorised to complete such legal documentation as she considers necessary or appropriate in connection with this transaction on such terms as she may agree to give effect to the proposals set out in this report and generally to protect the Council’s interests