Decision details

The Cabinet Member for Business Services and Resident Experience introduced this report and reminded Cabinet that it had agreed in September 2012 that Surrey County Council (SCC) would participate in a Joint Venture Company, Bandstand Square Developments Ltd, with Woking Borough Council (WBC) and Moyallen Ltd to regenerate Woking Town Centre. 

She also drew attention to a typo and tabled an amended last sentence to paragraph 27 of the report, as detailed below:

‘However S.13 of the Local Government Act 2003 prohibits it from mortgaging or charging any of its own property as security for money which it has borrowed or otherwise owes and no debtor debt or creditor has priority over any other.’

RESOLVED:

1.            That the increase in the Phase 1 loan funding requested be provided to Bandstand Square Developments Ltd.

2.    That the Director of Legal, Democratic and Cultural Services be authorised to approve appropriate contractual amendments to extend the loan facility.

Reasons for Decisions:

The increase in the loan facility provided by Surrey County Council (SCC) has been requested in order to provide the finance necessary to bring forward enabling works and to complete the procurement of a prime construction contractor.  These activities are in addition to the previously agreed Phase 1 works which delivered the land acquisition required for the development, the planning consents necessary and the construction of a new Fire Station.

The full project will deliver a large scale regeneration of the town centre, improving the long-term viability of the existing retail offer in the town and attracting external investment to develop further housing. 

SCC’s financing costs associated with providing the Phase 1 loan facility will be offset by interest payments received from the Joint Venture.