Decision details

1.    That Cabinet approves a budget of up to £1.3m funded from HRA borrowing for the Council’s share of the Old Laundry Yard professional fees to enter into a Development Management Agreement with U+I and submit a planning application and the associated costs.

2.    That Cabinet approves the set-aside of HRA reserves of £1,300,000 to mitigate the risk of potential write off of capital costs should the scheme not proceed.

3.    That Cabinet agrees to waive the usual tendering requirements of Contract Standing Order 10 pursuant to the procedure in CS03 on the grounds that the circumstances are covered by legislative exemptions, to permit the direct award of the Development Agreement.

4.    That the Council enters into the Heads of Terms and Development Management Agreement with U+I or any subsidiary company guaranteed by U+I, which are required to facilitate the delivery of the Old Laundry Yard.

5.    To delegate authority to the Strategic Director for The Economy, in consultation with the Cabinet Member for the Economy and the Arts and the Assistant Director of Legal and Democratic Services, to finalise and complete negotiations with U+I in order to give effect to the decision in 2.3 above.

6.    Resolves that the area of land at Old Laundry Yard, Pennard Road referred to in this report and shown edged red, coloured yellow on the plan at Appendix 1 is no longer required for the purpose for which it is currently held in the HRA.

7.    To approve in principle the appropriation of the area of land as shown edged red at Appendix 1, for the planning purposes of facilitating redevelopment for residential and other uses pursuant to section 122 of the Local Government Act 1972 which will enable the Council to override easements, covenants and other third party rights in respect of the land pursuant to section 203 of the Housing and Planning Act 2016 and note that final approval will be subject to a further report demonstrating that the requirements set out in the legal implications section having been satisfied.