Decision details

Councillor Marcus Kravis (Portfolio Holder for Asset Management and Economic Development) introduced the item and moved the recommendations as written in the report. Tim Bacon, the Council’s Specialist Officer then gave Councillors a brief presentation.

Council RESOLVED:

1.     Business Case development continues as set out in the confidential report including further external advice on the scheme as a whole, sought on the business case work prepared and the outcome is reported back to Council this includes the costs of design development for an LDO, detailed design on Blocks 1 and 2, business case development for the venue and on delivery options including the possibility of developing the site through a Special Purpose Vehicle and project team costs.

2.     The Council allocated a confidential budget amount for the next phase of the development work for the site, to be spent across the 2019/20 and 2020/21 financial years.

3.     The budget to be funded by a confidential budget amount from the Economic Growth and Prosperity Fund underwritten by the Business Rates Smoothing Reserve and a confidential amount from the Town Centre Regeneration existing budget allocated within the Growth Programme.

4.     Continued negotiations with the current prospective occupiers in consultation with the S151 Officer and Asset Management.

5.     That a Local Development Order is started as soon as possible together with the other planning development work as set out in the confidential report.

Councillor Lisgo declared a wish that her vote of abstention was recorded in the minutes.