Agenda item

Report of the Leader of the Council on proposals for a mixed-use redevelopment of the Toys R Us site in Southampton.

Report of the Leader of the Council detailing proposals for a mixed-use redevelopment of the Toys R Us Site in Southampton.

In accordance with the Council’s Constitution Council moved into confidential session to discuss appendices 2-8 of the report.

RESOLVED:

(i)  That the principles of the Commercial Terms set out in Confidential Appendix 4 of the report be endorsed;

(ii)  That following consultation with the Leader of the Council, the Director of Finance and Commercialisation and subject to receipt of a satisfactory S123 report, the Director of Growth be given delegated authority to finalise contractual terms as referred to in (i) above for the proposed transaction, together with any other legal agreements relating thereto so as to enable the development to proceed;

(iii)  That the Director of Legal and Governance be given delegated authority to enter into all legal documentation necessary to facilitate regeneration of the Toys R Us site (including funding arrangements and new head-leases) pursuant to terms of the Agreement referred to at (ii) above being met; and

(iv)  That the addition of £27M to the Leader’s portfolio in the Capital programme and the expenditure of £27M delivering the office element of the proposed scheme, as detailed in appendices to this report be approved which is to be funded by external borrowing.