Property Transactions - Town Centre Regeneration update
To approve an updated business case for the council’s participation in a regeneration scheme.
Exempt: Not for publication under Paragraph 3
Information relating to the financial or business affairs of any particular person (including the authority holding that information)
[The decisions on this item can be called in by the Council Overview Board]
Additional documents:
Decision:
1. That the County Council participates in the regeneration scheme by the contractual mechanisms and financial considerations outlined in the updated report.
2. That the Strategic Director of Business Services is authorised to agree the appropriate contractual and financial arrangements, following the completion of all necessary due diligence, in consultation with the Leader, Director of Finance, Director of Legal & Democratic Services and the Chief Property Officer.
Reasons for Decisions
Participation in the scheme is in accordance with the council’s Investment Strategy; to invest in schemes that have the potential to support economic growth in the county. The council’s participation in this regeneration scheme will ensure that the proposed development proceeds and delivers a significant enhancement to the economic outcomes of the area.
[The decisions on this item can be called in by the Council Overview Board]
Minutes:
A non-pecuniary interest was declared by Ms Le Gal for this item.
The Investment Strategy agreed by Cabinet in July 2013 was developed in response to the requirement for the Council to maintain its financial resilience in the longer term. In facilitation of the strategy, Cabinet approved the business case for this regeneration project in May 2015 and following amendments to the original proposal the Leader of the Council highlighted the key points of the updated proposal and commended the recommendations to Cabinet.
RESOLVED:
1. That the County Council participates in the regeneration scheme by the contractual mechanisms and financial considerations outlined in the updated report.
2. That the Strategic Director of Business Services is authorised to agree the appropriate contractual and financial arrangements, following the completion of all necessary due diligence, in consultation with the Leader, Director of Finance, Director of Legal & Democratic Services and the Chief Property Officer.
Reasons for Decisions
Participation in the scheme is in accordance with the council’s Investment Strategy; to invest in schemes that have the potential to support economic growth in the county. The council’s participation in this regeneration scheme will ensure that the proposed development proceeds and delivers a significant enhancement to the economic outcomes of the area.