14 Gateway 2 - Contract Award Approval - Partner & Financial Plan for redevelopment of Tustin Estate
To approve the award of the Tustin Estate Development Agreement contract (Phases 1-4).
1. That the award of the Tustin Estate Development Agreement contract (Phases 1-4) to BY Development Ltd (trading as Linkcity) in the estimated sum of £242,601,000 for a period of eight years, commencing on 1 November 2022 be approved.
2. That a further variation to the housing investment programme as set out in the closed report be approved.
3. That approval for phases 2-4 be delegated to the strategic director of housing and modernisation in consultation with the strategic director of finance and governance and it be noted that if phases 2-4 costs individually exceed the estimated costs by 20%, further approval will be required by cabinet.
4. That the grant of a building lease(s) and necessary building licences for the development and the grant of long leases and the taking of lease backs and option agreements as detailed in paragraph 29 of the report, and the entering into overage agreements, as referred to in paragraph 29 of the report which will be subject to a separate report, be delegated to the director of planning and growth in consultation with the head of property.