Issue - meetings

Report of the Cabinet Member for Strategic Growth and Skills is attached.

Councillor Eamonn O’Brien, Leader and Cabinet Member for Strategic Growth and Skills, presented the report which request approval for acquiring a site which sits within the proposed footprint of the new Flexihall building. Following announcement of the LUF funding, negotiations had taken place via specialist advisors and terms to facilitate vacant possession of the property were now recommended for approval. Members discussed the potential for solar panels on this and other developments, and it was noted full details were contained in the Part B paper later in the agenda.

Decision:

Cabinet:

1.    Approved the payment of a surrender premium to extinguish the lease in place at 6 – 10 Princess Parade in accordance with the terms set out in Part B of this report; and

2.    Delegated the finalised terms of the agreement to the Chief Executive in consultation with Cabinet Member for Finance, S151 Officer and Monitoring Officer.

Reasons for the decision:

To facilitate completion of land assembly required to deliver the Bury Market and Flexihall project in accordance with the Levelling Up Fund bid submission and subsequent notification of a successful bid.

Other options considered and rejected:

An alternative option is to not secure a surrender of the lease, this option was rejected as vacant possession of the property is required in order to continue with the Flexihall development under the previously agreed scope.

The Council can seek to use compulsory purchase powers as an acquiring authority the Council is able to use compulsory purchase powers and acquire land without the consent of the landowner. The process however is not swift and could take in the region of 18-24 months to be concluded. The requirements of the Levelling Up Fund bid stated that all funds would need to be defrayed by quarter one 2025. This option has been rejected as it would give the Council insufficient time to acquire the properties within the funding defrayment timeline.

Report of the Cabinet Member for Strategic Growth and Skills is attached.

Councillor Eamonn O’Brien, Leader and Cabinet Member for Strategic Growth and Skills, presented the Part B report which set out the full financial details.

Decision:

Cabinet:

1.    Approved the payment of a surrender premium to extinguish the lease in place at 6 – 10 Princess Parade in accordance with the terms set out in the report; and

2.    Delegated the finalised terms of the agreement to the Chief Executive in consultation with Cabinet Member for Finance, S151 Officer and Monitoring Officer.

Reasons for the decision:

As set out for the Part A report.

Other options considered and rejected:

As set out for the Part A report.