Purpose

This report details the agreement to secure
affordable homes on the site known as Old Laundry Yard.

Decision

That Cabinet:
 
1.   
Notes that Appendices 2, 3 and 4 are not for
publication on the basis that they contain information relating to
the financial or business affairs of any person (including the
authority holding that information) and information in respect of
which a claim to legal professional privilege could be maintained
in legal proceedings as set out in paragraphs 3 and 5 of Schedule
12A of the Local Government Act 1972 (as amended).
 

Approves the terms of the acquisition and disposal of the
Developer’s Land based on the heads of terms attached at
Exempt Appendix 2 (“Heads of Terms”). This constitutes
an agreement to:

 

(i)           
enter into the Heads of Terms and Land Swap and
Development Agreement and any associated agreements with YCSBL or
any subsidiary company guaranteed by YCSBL, which are required to
facilitate the delivery of the transaction envisaged in the Heads
of Terms;

(ii)         
approve the procurement strategy for the award of
the Land Swap and Development agreement to YCSBL by way of an award
under the negotiated procedure without prior publication of a
contract notice;

(iii)        
approve the award of the Land Swap and Development
agreement to YCSBL;

(iv)        
delegate authority to the Strategic Head of Regeneration and
Development, in consultation with the Cabinet
Member for the Economy and the Arts and the Assistant Director of
Legal Services, to finalise and complete negotiations with YCSBL in
order to give effect to the decision in (ii and iii)
above;

Authorises the Assistant Director of Legal Services, or an
authorised delegate on their behalf, to settle and execute on
behalf of the Council all the necessary documents and public
notifications required to implement the recommendations in this
report.

 
4.   
Approves an additional £755,000 capital budget
required to cover the remaining professional fees and Stamp Duty
Land Tax. This budget will be financed by HRA borrowing, unless
S106 or other external funding is available to fund these
costs.