Decision Maker: Strategic Director of the Economy Department
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
This report seeks
agreement to purchase the commercial units from the West King
Street LLP developed as part of the Civic Campus program.
Reason for urgency:
The Civic Campus programme requires this decision in order for it to proceed on time and on budget, as completing this decision is required before the joint venture can enter into a building contract and start construction.
1. That appendices 1- 6 are not for publication on the basis that they contain information relating to the financial or business affairs of a particular person (including the authority holding that information) under paragraph 3 of Schedule 12A of the Local Government Act 1972, and in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, be agreed
2. That the Council enters into the development agreement with West King Street LLP for the purchase of the commercial units being developed as part of the Civic Campus Programme by West King Street LLP for £63,000,000 (a draft of which is appended at Appendix 4)
3. That the Council grants commercial leases of the Civic Campus commercial units (a draft of which is appended at Appendix 5) to H&F Housing Developments Limited
4. That the Council, enters in the Trust Deed with H&F Housing Development Limited (a draft of which is appended at Appendix 6)
5. To note that to improve the financial viability of the acquisition and return to the council, and to mitigate the impact of increased costs within the financial model, that up to £10m of 106 funding for affordable workspace from the Olympia Section 106 agreement is proposed to be used to fund part of the purchase cost, and the associated decision for this will be included in a future cabinet report.
As described in the report.
Option 1: to purchase the commercial units.
Option 2: not to purchase the commercial units.
Urgent item?: Yes
Publication date: 21/10/2020
Date of decision: 20/10/2020
Effective from: 26/10/2020