Issue - meetings

A report from the Leader and Cabinet Member for Finance and Growth is attached.

Councillor Eamonn O’Brien, the Leader of the Council and Cabinet Member for Finance and Growth, presented the Part B report which contained the full  details of the preferred development partner.

Decision:

Cabinet:

1.    Noted the results of the tender exercise for the development of the Phase 2 land as set out in this report;

2.    Approved the grant of a long lease of the Phase 2 site to the selected developer;

3.    Delegated agreement to the final land price and the detailed terms of the long lease to the Director of Regeneration & Capital Growth in consultation with the Monitoring Officer, Section 151 Officer and the Executive Member for finance, the final price must have regard to the financial offers as set out in the part B report; and

4.    Delegated the signing of all contracts required to complete the sale to the Director of Law and Democratic Services.

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.

A report from the Leader and Cabinet Member for Finance and Growth is attached.

Councillor Eamonn O’Brien, the Leader of the Council and Cabinet Member for Finance and Growth, presented the report which sought approval regarding the results of the recent tender exercise to bring forward the development of Phase 2 of Chamberhall Business Park. The site forms part of the larger Chamberhall business park. Phase 1 which consisted of 130,000 sqft has been successfully developed by St Modwen’s. The phase 2 land comprises of circa 7 acres of serviced employment land. The appointment of a development partner will ensure that a high-quality sustainable development is brought forward as well as ensuring best value is achieved for the site.

Decision:

Cabinet:

1.    Noted the results of the tender exercise for the development of the Phase 2 land as set out within Part B of this report;

2.    Approved the grant of a long lease of the Phase 2 site to the selected developer;

3.    Delegated agreement to the final land price and the detailed terms of the long lease to the Director of Regeneration & Capital Growth in consultation with the Monitoring Officer, Section 151 Officer and the Executive Member for finance, the final price must have regard to the financial offers as set out in the part B report; and

4.    Delegated the signing of all contracts required to complete the sale to the

5.    Director of Law and Democratic Services.

Reasons for the decision:

To bring the Chamberhall Phase 2 land forward for development.

Other options considered and rejected

Option 1 - Do Nothing

·         In this scenario the site will be left vacant.

·         This option has been dismissed as the Council is prioritising its redevelopment so as to bring forward new employment land to meet the needs of businesses.

·         There is also an opportunity cost for not seeking new development in that the ability to secure a sustainable income flow through new business rates will be lost.

·         As such, this option has been discounted.

Option 2 - Accept tender from the highest ranked bidder

·         This option would see the Phase 2 site being brought forward for the development of a modern high-quality scheme within the next 12 months.

·         Bring in a significant capital receipt to the Council in the 2022/23 financial year.

·         Provide a sustainable income flow through new business rate revenue.

·         Create new jobs and secure existing ones.