Decision details

To consider a report of the Leader of the Council seeking approval to the transfer of £415,000 from existing City Development project budgets to the Station Quarter (southside) project budget to progress major development proposals and to confirm approval to spend. 

Having complied with Rule 15 of the Council’s Access to Information Procedure Rules:

(i)  To approve, in accordance with Financial Procedure Rules, capital variations totalling £415,000 to the Leader’s Capital Programme, transferring £405,000 from the Town Depot and £10,000 from the Station Quarter feasibility budgets to the Station Quarter Southside budget.

(ii)  To approve, in accordance with Financial Procedure Rules, capital expenditure of £415,000 in 2012/13 from the Leader’s Capital Programme to carry out works at the Station Quarter Southside.

1. This report is presented as a general exception item in accordance with Rule 15 of the Access to Information Procedure Rules of Part 4 of the Council's Constitution.  Amendments to Regulations 5(2) and 9(2), 2012 require 28 days notice to be given to all Key Decisions comes into effect on 10^th September 2012.  It has not been possible to meet the requirement of 28 days notice.
2. The Council has undertaken feasibility work on the land shown as sites A, B and C on the attached plan and this is shown to have commercial viability in conjunction with the downgrading of Mountbatten Way and Western Esplanade. A strategy for securing funding for the downgrading of these roads is being pursued as part of the Council’s “City Streets” Bid which is targeting devolved funding from the DfT from April 2015.
3. The south side project is an integral part of the City’s evolving Station Quarter offering the prospect of major mixed use development and public realm improvements connected to the station itself and a start on the development of a mixed use Central Business District proposed in the City Centre Masterplan. The transfer of these funds will facilitate partnering arrangements with Network Rail, provide support for the City Streets bid, enable marketing and developer selection and provide a legal/financial framework for implementation. 

1. Postpone transfer of funds until the outcome of the City Streets bid is known: Rejected because the southside project is integral to the wider Station Quarter programme and is being promoted in parallel to support the bid and offer a longer term development plan. Should the City Streets bid not prove successful then other funding opportunities will be targeted.
2. Not transfer the funds and sell the sites unconditionally once they are created by the road downgrade: Rejected because these are strategic sites requiring the cooperation of Network Rail and have the capacity to encourage further development longer term south of Western Esplanade towards the water front. The Council is well placed to facilitate this whereas an unconditional sale of the land could result in land banking or piecemeal development without regard to strategic public realm improvements and the wider context.