Decision details

That Cabinet agrees:

1.1.       To delegate authority to the Strategic Director, Growth and Place, in consultation with the Cabinet Member for the Economy and the Arts, the Cabinet Member for Finance and Commercial Services, the Chief Executive and the Strategic Director, Finance and Governance, to complete negotiations with A2 Dominion Housing Association and their subsidiary companies A2 Dominion Homes Ltd and A2 Dominion Developments Ltd with regard to the West King Street Renewal in order to enter into a Conditional land sale agreement, the conditions for which are set out in the exempt part of the report, paragraphs 4.8 and 4.9 of the report. This is subject to: 

·         The approval of a satisfactory business case for the Project that demonstrates the value for money, affordability, and financial benefits of the project

·         A review of the business case by external Financial Advisors on the project (Deloitte)

·         Receipt of tax advice from Deloitte

·         Satisfaction of Best Consideration, approved by the Borough Valuer

1.2.       To note that the land to be included in the CLSA is set out in Appendix 1.

1.3.       To note that satisfying the conditions in the conditional land sale agreement and set out in the body of the report will require a future approval of budgets and business case for those budgets in accordance with the Council’s constitution and financial regulations.

1.4.       To delegate authority to the Chief Executive and Strategic Director, Growth and Place, in consultation with the Cabinet Member for the Economy and the Arts, the Cabinet Member for Finance and Commercial Services, and the Strategic Director, Finance and Governance, to identify suitable decant accommodation and pursue negotiations for the lease or purchase of this accommodation following which recommendations will be made to Cabinet for approval.

1.5.       To note completion of a lease or purchase is subject to a future Cabinet or Full Council approval as appropriate including approval of the necessary budgets, and satisfaction of the business case process set out in 1.1 above.

1.6.       To approve a budget of £276,000 for the Decant Accommodation Team, to prepare for the decant of staff.

1.7.       To approve a budget of £100,000 for financial advice on the development of the final business case and to delegate authority to the Strategic Director, Growth and Place, to extend the contract with Deloitte for Financial Advice as required.

1.8.       To approve a budget of £100,000 for the completion of survey and technical work on the existing Town Hall.