Agenda item

A report from the Director of Regeneration and Environment will be circulated as soon as possible. (Report No.240, agenda part two refers).  (Key decision – reference number 3827)

(Report No.237)

(9.05 – 9.10pm)

Councillor Andrew Stafford (Cabinet Member for Finance and Property) introduced the report of the Director of Regeneration and Environment and Director of Finance, Resources and Customer Services (No.237) regarding development opportunity areas that were located within the boundaries of the Meridian Water Masterplan.

NOTED

1.               That Report No.240 also referred as detailed in Minute No.26 below;

2.               The background to the proposals including the potential for new homes, new job creation and infrastructure development as set out in the report.

3.               The investment by Network Rail to upgrade Angel Road station as set out in section 4 of the report.

4.               Councillor Taylor highlighted the significance of this regeneration project and the benefits that it would bring to the Borough’s eastern corridor.

Alternative Options Considered: NOTED that the following options had been considered:

1.     Declining the possible purchase of the land potentially available to the Council had been considered, but rejected due to the uncertain timescales associated with their owner bringing the land to market and securing development and consequent benefits for the community.

2.     The purchase of all of the sites as a package had been considered “in principle”, but this was not an option open to the Council at this time.

3.     The use of compulsory purchase powers to acquire the land that comprises the opportunity, either as a package or individually had also been considered, but this was not the Council’s first preference given the negotiations that were currently taking place with the land-owner. This should perhaps be best regarded as a reserve power to the used if the land-owner in question were to, for example, put forward unreasonable (or unduly onerous) terms, such that the purchase proposition would be unlikely to be taken-up in the market.

DECISION: The Cabinet agreed to

1.               Note the background to Meridian Water Development Opportunities.

2.               Authorise the purchase of land in accordance with the substantially agreed Heads of Terms, attached to Report No.240 (containing exempt information) and subject to appropriate due diligence and the actions detailed in decisions 3, 4 and 5 below.

3.               Delegate authority to the Cabinet Member for Business and Regeneration, and the Cabinet Member for Finance and Property (or their appropriate successors following the Council election in May 2014) acting with the Director of Regeneration and Environment and the Director of Finance, Resources and Customer Services to develop and finalise the Heads of Terms, subject to a further portfolio report which would confirm that the Heads of Terms were satisfactory to the Council.

4.               Delegate to the Director of Regeneration and Environment, acting with the Director of Finance, Resources and Customer Services authority to obtain any necessary environmental liability insurance and a satisfactory level of assurance from the Environment Agency.

5.               Delegate to the Cabinet Member for Business and Regeneration, and the Cabinet Member for Finance and Property (or their appropriate successors following the Council election in May 2014) acting with the Director of Regeneration and Environment and the Director of Finance, Resources and Customer Services authority to exchange and complete the purchase agreements when appropriate; and

6.               Request an update report following an exchange of contracts.

Reason: As detailed in Report No.240, Minute No.26 below refers.

(Key decision – reference number 3827)