Issue - meetings

To consider the report of the Cabinet Member for Economic Development detailing a proposed development site opportunity. 

NOTE: This report is submitted for consideration as a General Exception under paragraph 15 of the Access to Information Procedure Rules in Part 4 of the City Council’s Constitution, notice having been given to the Chair of the relevant Scrutiny Panel and the Public.

Decision made: (CAB 24/25 48147)

On consideration of the report of the Cabinet Member for Economic Development and having complied with paragraph 15 of the Council’s Access to Information Procedure Rules, Cabinet approved the following:

(i)  To delegate authority to the Executive Director, Growth and Prosperity following consultation with the Leader and Cabinet Member for Economic Development.

(ii)  To take such steps as are necessary to terminate the existing Development Agreement with Packaged Living in order to ensure that the site is unencumbered should a third party elect to proceed and agree terms to acquire the site and / or in the event the proposed acquisition does not proceed, to take such action may be necessary to confirm no further extensions to the existing Development Agreement be granted after the existing longstop  date in the Agreement.

(iii)  Enter into discussions with any interested third party to

•  seek to agree lease regear terms for the site which would allow a third party to acquire the Toys R Us lease from Packaged Living. Any such terms being conditional upon the site's acquisition and ensuring the proposed uses were consistent with the masterplan

•  consider whether there are close working options either alongside or with, third party entities moving forward whereby the Council would collaborate in relation to the realisation of the opportunities presented by any proposed redevelopment

(iv)  To complete analysis of regulatory issues that are a pre-condition to any agreed disposal of any interest in the site or collaboration with any third party to further progress master planning and regeneration opportunities in the area, including but not limited to, s.123 best consideration disposal tests, Best Value, procurement compliance and subsidy control considerations for follow-on approval by Cabinet

(v)  To note that a further decision by Cabinet on final proposals, subject to satisfactory progress by interested parties on acquiring the relevant land interests, is anticipated to return to Cabinet in April 2025.