Agenda item

The Chairman introduced the report which set out the proposal for the Council to enter into a commercial agreement with a developer/annuity funder that delivers the social and environmental regeneration to meet the future housing demand and to support the economic prosperity of the borough.

Officers explained that during the planning process engagement with the relevant secure by design officer would take place, to ensure all schemes were compliant and to aim to design out crime. The Library and community space were being re-provided, which was viewed as integral to the future development. The developer hoped to be able to provide a nursery, to meet the demand in the area, however this would all need to be demonstrated and planned out through the planning and stakeholder engagement process.

Following discussion on the item, the Chairman moved to vote on the officers’ recommendations.

The votes were recorded as follows:

RESOLVED that the committee:

1. Noted progress to date in respect of the proposals for the development of the Watling Car Park (“the Site”) delineated at Figure 1 paragraph 1. below.

 2. Approved the proposed sale and leaseback approach to the development of the Site.

3. Approved BY Development Limited (trading as Linkcity) as the preferred developer for the delivery and sale and leaseback approach on this Watling Car Park site.

4. Delegated authority to the Deputy Chief Executive acting in the best interests of the Council and in consultation with the Chairman of the Housing and Growth Committee to:

·         agree the final terms for the proposed transaction

·         negotiate finalise and complete the terms of the required documentation to be entered into with BY Development Limited and the annuity funder to give effect to the agreed final terms as referred to above

·         to negotiate, approve, finalise, and complete such other documents as may be required to effect implement fund deliver and/or manage the scheme

·         approve and conclude the exchange of an agreement for lease and Leaseback to be entered into with BY Development Limited subject to such agreement being compliant with the Council’s statutory obligation to obtain the best price reasonably obtainable as evidenced by an independent valuation.

5. That subject to approval from the Policy and Resources Committee the Committee approved the creation of a management company (ManCo) by the Council for the ongoing management of the completed units at the Site and to enter into the proposed sub-underlease with the Council as outlined at paragraph 7.3.10.

 6. Approved that, if planning permission is received for the development, the Deputy Chief Executive (acting in the best interests of the Council and in consultation with the Chairman of the Housing and Growth Committee) be authorised to approve the final red book valuation for the Site.

7. (i) Approved the advertising as required to appropriate to the required use or to appropriate to planning purposes any part of the Site deemed or designated as Public Open Space in accordance with S122(2A) of the Local Government Act 1972 and (ii) delegated to the Deputy Chief Executive the consideration of any objections received following the conclusion of the above advertising process;

8. Delegated to the Deputy Chief Executive if appropriate following the conclusion of the consideration of any objections to advertise pursuant to s 123(2A) of the LGA 1972 or s 233 of the Town and Country Planning Act 1990 the disposal of any land referred to at 7 above which is to be comprised as part of the Site

9. That subject to paragraph 7 the Committee delegated authority to the Deputy Chief Executive to authorise that the whole or any part of the Site as may be required be appropriated for planning purposes pursuant to s 122 of the LGA 1972 and to commence negotiations and settle any lawful claims asserted by third parties pursuant to ss 203 and ss 204 of the Housing and Planning Act 2016 .

 10. Authorised that the Deputy Chief Executive may instruct as required the appropriate Council officers to make any applications to the Secretary of State for consent to enable the lawful disposal of the Site. 509

11. Delegated authority to the Deputy Chief Executive in consultation with the Chairman of this Committee to make any alterations to the extent of the Site with the above recommendations to apply to the Site as altered.