Purpose

Report on outcome of the marketing of the
Woodlands site including delivery of Eastern Link Road and
recommendations.

Content

This report was to advise on
the results of the marketing phase of the Woodlands development in
Aylesbury and provide recommendations on the next phase which
included Shareholder agreement of the proposed developer, Heads of
Terms agreed by BA in consultation with Buckinghamshire Council,
terms agreed for the HIF funding agreement, nature of contract
between BA and the developer and the funding agreement between the
Council and the Developer for the HIF and LGF funding, and the
potential orderly sale of BA to the Developer or its orderly
winding up or its continuation as a business. It would also detail
options through pre-emption to secure leisure funding and the
opportunity to become directly involved in the delivery of the
commercial elements of the scheme noting that both these
pre-emption options would need to come back to Cabinet for a
decision.
 
It should be noted that the
report sought shareholder approval from the Council to proceed with
the transaction with the Developer and BA based on the Heads of
Terms contained in the confidential appendices.
 
The contract proposed by the
Heads of Terms in the confidential appendices, would be a contract
with conditions precedent. This would include land assembly which
was enshrined in the promotion agreement that BA has secured from
the landowners or were the subject of current
negotiations.
 
If BA were unsuccessful in
securing land, then the Council would most likely need to consider
using its Compulsory Purchase powers. This would be the subject of
a separate report to the Cabinet and was not being considered for
the purposes of this report, but it should be noted that the
Council had already taken the in-principal decision to pursue
Compulsory Purchase Powers if needed to facilitate the development
of the Woodlands site.
 
RESOLVED
 

1.     
That shareholder approval for Buckinghamshire
Advantage (BA) to proceed with the preferred bidder for the
Woodlands development as per the Heads of Terms and marketing
report in the confidential appendices (noting that the Directors of
Buckinghamshire Advantage might make minor amendments) be agreed
and that these will be communicated to the Service Director of
Commercial Property and Regeneration and Cabinet Member for
Accessible Housing and Resources.
 

2.     
That shareholder approval for Buckinghamshire
Advantage to finalise the condition precedent contract based on the
Heads of Terms be agreed and to delegate Shareholder authority to
the Director of Commercial Property and Regeneration, in
consultation with the Cabinet Member for Accessible Housing, the
s151 Officer, and the Shareholder Board, to exchange and complete
on the contract.

 

3.     
Subject to Homes England approval in relation to
Housing Infrastructure Fund (HIF) and on the contract with the
Developer becoming unconditional, to release £24.8 million in
the Local Government Fund (LGF) and HIF funding to deliver the
Eastern Link Road South and for Buckinghamshire Council to enter
into a funding agreement with the Developer.
 

4.    
That a further loan agreement to Buckinghamshire
Advantage be arranged in accordance with the Confidential
Appendices to enable the company to complete work to get to
unconditional status on the contract, to be funded from the Revenue
Contingency budget in 24-25.