Issue - meetings

Report of the Cabinet Member for Growth and the Cabinet Member for Finance and Capital Assets seeking Cabinet approval for the commercial terms over the Toys R Us site to enable it comprehensive development.

DECISION MADE: (CAB 21/22 32672)

On consideration of the report of the Cabinet Member for Growth, Cabinet agreed the following:

(i)  That the commercial & financial terms and related recommendations set out in confidential Appendix 1 be agreed by Cabinet.

(ii)  Following consultation with the Deputy Leader who is the Cabinet Member for Growth and Executive Director of Finance and Commercialisation, that the Executive Director of Place be given delegated authority to finalise the detailed terms of this transaction.

(iii)  Following consultation with the Executive Directors of Finance, Commercialisation and Place, that the Director of Legal & Business Operations be given delegated authority to enter into any commercial agreements required to facilitate this transaction and any other legal documentation related to the proposed scheme (the Council acting in its capacity as a landowner).

(iv)  Approve the removal of the Former Toys R Us Site Redevelopment project from the Growth portfolio in the capital programme. This is a reduction of £0.25M in 2021/22 and £26.70M in 2022/23 as this is now being funded by the developer.