Issue - meetings

To approve the heads of terms and to agree that the director of regeneration is instructed to conclude negotiations and to report to cabinet in spring 2016 for authority to exchange contracts.

RESOLVED:

1.  That the heads of terms document attached at Appendix 1 of the report be agreed as the basis for an agreement with British Land (BL) for the redevelopment of the land identified within the document.

2.  That the Director for Regeneration be instructed to conclude negotiations and report back to cabinet in mid 2016 for authority to exchange contracts.

3.  That the Director of Regeneration be instructed to investigate, for incorporation into the deal with BL, alternative housing delivery models that will offer different groups of local people access to a wider range of truly affordable homes.

4.  That the comments at paragraphs 21 – 26 of the report on the options for the form of agreement with BL be noted, and it also be noted that the recommendation is to enter into an agreement structured as a series of property transactions administered via an overarching agreement.

5.  That the legally privileged advice, that is the entirety of the report on the closed agenda, that there are grounds for the council to enter into an off market agreement with BL be noted.

6.  That it be noted that any recommended deal that ultimately emerges from negotiation with BL will be subject to detailed financial modelling and analysis.