Issue - meetings

A report from the Director of Regeneration and Environment will be circulated as soon as possible. This should be read in conjunction with Report No.226, agenda part one. (Key decision – reference number 4033)

(Report No.228) TO FOLLOW

(9.50 – 9.55 pm)

Councillor Alan Sitkin (Cabinet Member for Economic Development) introduced the report of the Director of Regeneration and Environment and Director of Finance, Resources and Customer Services (No.228) providing a programme update on Meridian Water.

NOTED

1.               That Report No.226 also referred, as detailed in Minute No.17 above.

2.               That the report provided further information about the basis upon which it was proposed to acquire additional land as well as the financial implications of completing these land deals.

3.               A further report would be presented to Cabinet in summer 2015 as detailed in recommendation 2.3 of the report.

4.               That, external consultants had been commissioned as set out in recommendation 2.4 of the report.

5.               That a supplementary appendix to the report had been circulated in advance of the meeting for Members’ consideration.

6.               A proposed amendment to recommendation 2.2 of the report which is reflected in the wording of decision 2 below.

7.               Members considered the proposals outlined in the report and noted the discussions which were currently taking place regarding the sites in question. The financial implications detailed in section 10 of the report were noted.

Alternative Options Considered: As detailed in Report No.226, Minute No.17 above referred.

DECISION: The Cabinet agreed to

1.               Authorise the temporary reallocation of funds from the Neighbourhood Regeneration capital programme to finance the early acquisition of two sites and one land swap in accordance with paragraph 4.23 of the report.

2.               Delegate the authority to acquire the land described within the report in accordance with the Heads of Terms (HoTs) after they had been agreed by the Director of Regeneration and Environment and the Director of Finance, Resources and Customer Services, who would provide a further report confirming that the HoTs had been agreed and were satisfactory to the Council. The proposed generic HoTs for the acquisition of all lands were attached as appendix 1 to the report together with more detailed HoTs which were currently being negotiated, detailed at Appendix 2 of the report, relating to the land described at paragraph 4.5.

3.               Note the intention for a further Cabinet report to be brought forward in summer 2015 which will seek, subject to full Council approval, an increase to the Neighbourhood Regeneration Capital Programme to fund the next stages of Meridian Water.

4.               Note that the Council had commissioned external consultants to prepare a comprehensive financial model for the Meridian Water development opportunity to enable sensitivity testing and risk management at the project developed.

Reason: As detailed in Report No.226, Minute No.17 above referred.

(Key decision – reference number 4033)