Decision details

This report details the agreement to secure affordable homes on the site known as Old Laundry Yard.

That Cabinet:

1.    Notes that Appendices 2, 3 and 4 are not for publication on the basis that they contain information relating to the financial or business affairs of any person (including the authority holding that information) and information in respect of which a claim to legal professional privilege could be maintained in legal proceedings as set out in paragraphs 3 and 5 of Schedule 12A of the Local Government Act 1972 (as amended).

2. Approves the terms of the acquisition and disposal of the Developer’s Land based on the heads of terms attached at Exempt Appendix 2 (“Heads of Terms”). This constitutes an agreement to:

(i)            enter into the Heads of Terms and Land Swap and Development Agreement and any associated agreements with YCSBL or any subsidiary company guaranteed by YCSBL, which are required to facilitate the delivery of the transaction envisaged in the Heads of Terms;

(ii)          approve the procurement strategy for the award of the Land Swap and Development agreement to YCSBL by way of an award under the negotiated procedure without prior publication of a contract notice;

(iii)         approve the award of the Land Swap and Development agreement to YCSBL;

(iv)         delegate authority to the Strategic Head of Regeneration and Development, in consultation with the Cabinet Member for the Economy and the Arts and the Assistant Director of Legal Services, to finalise and complete negotiations with YCSBL in order to give effect to the decision in (ii and iii) above;

3. Authorises the Assistant Director of Legal Services, or an authorised delegate on their behalf, to settle and execute on behalf of the Council all the necessary documents and public notifications required to implement the recommendations in this report.

4.    Approves an additional £755,000 capital budget required to cover the remaining professional fees and Stamp Duty Land Tax. This budget will be financed by HRA borrowing, unless S106 or other external funding is available to fund these costs.