That Cabinet approves
1. That the Council enters into the Master Development Agreement, a Deed of Cooperation and any other legal agreements with ARK and any subsidiary company, which are required to facilitate the delivery of Education City.
2. To delegate authority to the Strategic Director for Growth and Place, 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 ARK and any subsidiary company in order to give effect to the decision in 2.1 above.
3. That the Council enters into legal agreements with ARK and/or any other company for the future management of the Estate including but not limited to granting a lease to a management company for the central boulevard and service tunnels.
4. To delegate authority to the Strategic Director for Growth and Place, 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 ARK and/or any company in order to give effect to the decision in 2.3 above.
5. To delegate authority to the Strategic Director for Growth and Place in consultation with the Assistant Director of Legal and Democratic Services to grant a leasehold interest to the Council’s housing company in the part of the Site containing the private rented units.
6. To delegate authority to the Strategic Director, Finance and Governance in consultation with the Cabinet Member for Finance and Commercial Services to enter into a funding agreement with the Council’s housing company for the private rented housing at Education City subject to receipt of satisfactory state aid advice and Full Council approval of the equity investment/ loan and associated budget.
7. Resolves that the area of land at Australia Road referred to in this report and shown edged red on the plan at Appendix 4 is no longer required for the purpose for which it is currently held.
8. To approve in principle the appropriation of the area of land as shown edged red at Appendix 4, 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 in order 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.
That Cabinet recommends to Full Council
9. That the Council approve long term loan/equity funding and budget of up to £28.58 million for the private rented housing in accordance with state aid compliant market terms, subject to receipt of satisfactory legal and financial advice.
10. To approve a capital budget of £59,026,000 for the construction of 132 residential units and associated professional fees and development management costs. The total budget is split £30.45m Housing Revenue Account (HRA) and £28.58m General Fund (GF), funded by capital receipts, developer contributions or borrowing with final confirmation of funding delegated to the Strategic Director, Finance and Governance, in consultation with the Cabinet Member for Finance and Commercial Services.
11.To approve the commitment of £8,938,000 of retained right to buy receipts to support the development of affordable housing within this project.
12.To approve a capital budget of up to £3,694,000 to fund the construction of, or provide a capital grant for, the Youth Facility, funded by capital receipts, developer contributions or borrowing with final confirmation of funding delegated to the Strategic Director, Finance and Governance, in consultation with the Cabinet Member for Finance and Commercial Services.
13.To approve a capital budget of up to £2,111,000 to fund the construction of the Adult Education and Nursery Facilities, funded by capital receipts, developer contributions or borrowing with final confirmation of funding delegated final to the Strategic Director, Finance and Governance, in consultation with the Cabinet Member for Finance and Commercial Services.