Decision Maker: Babergh Cabinet
Decision status: Recommendations approved
Is Key decision?: Yes
Is subject to call in?: Yes
Resolve final scheme/costs plan and asset use approvals
It was RESOLVED: -
1.1 That Cabinet noted progress on wider scheme design development, marketing advice received and pre-let tenant engagement.
1.2 That Cabinet approved the disposal of Part A of site (shown on the site plan attached as Confidential Appendix A), following extensive marketing, on the basis of the draft Heads of Terms (attached as Confidential Appendix B).
1.3 That Cabinet delegated authority to the Assistant Director Economic Development and Regeneration to conclude the legal agreement on transfer, in consultation with the Cabinet Member for Finance, Assets and Investments and Cabinet Member for Economic Development.
1.4 That Cabinet authorised the re-use of 100% of the capital receipt proceeds from the freehold disposal within the wider scheme development.
REASON FOR DECISION
The Council has secured a small parcel of employment land which it can directly invest in to address market failure and develop as a viable scheme to provide needed workspace, employment opportunities and support for the local community of Hadleigh and surrounding area.
Alternative Options Considered and Rejected:
2.2 (a) DO NOT PROGRESS WITH DESIGNING A SCHEME – rejected by Cabinet at its meeting of 08 June 2021
(b) PROGRESS WITH THE DETAILED DEVELOPMENT OF A VIABLE SCHEME AND BUSINESS CASE, TO BEST ACHIEVE STRATEGIC REGENERATION PRIORITIES, TO BE REPORTED BACK TO CABINET – resolved by Cabinet at its meeting of 08 June 2021 and progressed accordingly
Now:
(c) PROCEED with the freehold disposal of the convenience retail / potential drive-thru area of the site, on the basis of the draft Heads of Terms provided at Confidential Appendix B to this report. Recommended given a productive period of marketing undertaken, following Cabinet’s June 2021 authorisations and funding, and the positive impact on whole scheme viability and deliverability from gaining a capital receipt.
(d) DO NOT PROCEED with the freehold disposal at this time or opportunity. Not recommended given the previous Cabinet resolutions and marketing period undertaken.
Any Declarations of Interests Declared: None
Any Dispensation Granted: None
Publication date: 11/07/2022
Date of decision: 08/07/2022
Decided at meeting: 08/07/2022 - Babergh Cabinet
Effective from: 20/07/2022
Accompanying Documents: