Agenda item

Appendices 2, 3, 4, 5, and 6 of this report are exempt from publication because they contain information of the kind described in paragraphs 14 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972.

RESOLVED: that

(1)   the developer be allowed to maximise capital receipts for the commercial floor space within the Bus Interchange development by allowing end use to be driven by market demand. 

(2)   authority be delegated to the Director of Economic Development in consultation with the Cabinet Member for Investment & Development and the Cabinet Member for Finance, Modernisation and Performance, the Section 151 Officer and the Monitoring Officer to:

(i)      Negotiate and conclude a final agreement with the developer subject to the financial envelope outlined in Appendix 3 for the delivery of the Bus Interchange project and appropriate external advice.

(ii)     Settle outstanding design, planning and site preparation costs as outlined in Confidential Appendix 2 subject to independent verification of costs.

(iii)    Acquire the Saunders Road Car Park site owned by Network Rail to complete the land assembly as outlined in this report, subject to independent valuation.

(3)        budget be brought forward from the approved 2018/19 Capital programme into 2017/18 budget to meet the pre planning and land assembly costs outlined in the report.

Appendices 2, 3, 4, 5, and 6 of this report are exempt from publication because they contain information of the kind described in paragraphs 14 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972.

The Cabinet received an update on the delivery of the new bus interchange. An in-principle agreement was sought to a revised funding strategy following the submission by the developer of a proposal to deliver the bus interchange based on a market driven solution.

RESOLVED: that

(1)   the developer be allowed to maximise capital receipts for the commercial floor space within the Bus Interchange development by allowing end use to be driven by market demand. 

(2)   authority be delegated to the Director of Economic Development in consultation with the Cabinet Member for Investment & Development and the Cabinet Member for Finance, Modernisation and Performance, the Section 151 Officer and the Monitoring Officer to:

(i)      Negotiate and conclude a final agreement with the developer subject to the financial envelope outlined in Appendix 3 for the delivery of the Bus Interchange project and appropriate external advice.

(ii)     Settle outstanding design, planning and site preparation costs as outlined in Confidential Appendix 2 subject to independent verification of costs.

(iii)    Acquire the Saunders Road Car Park site owned by Network Rail to complete the land assembly as outlined in this report, subject to independent valuation.

(3)        budget be brought forward from the approved 2018/19 Capital programme into 2017/18 budget to meet the pre planning and land assembly costs outlined in the report.