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RESOLVED that:-
 
(a )     Cabinet approve the following in
respect of site acquisitions and required funding:
 
i)        that the
Council complete the acquisition of the Wansbeck Square site with
vacant possession, as previously agreed in principle, at a market
value of £1,365,000, plus Stamp Duty Land Tax.
 
ii)        that the
Council complete the acquisition of the Woodhorn Road site with
vacant possession, as previously agreed in principle, at a market
value of £210,000 plus Stamp Duty Land Tax.
 
iii)      
that the Council approves an allocation of up to £160,000 of
revenue funding from the Council’s Regeneration Reserve
Development Fund to pay for the holding costs which will be
incurred, following acquisition of the Wansbeck Square and Woodhorn
Road sites as set out in Section 6 of the report;
 
(b )     Cabinet note that following a
competitive tender process, Identity Consult has been appointed as
the Design Team to take forward ambitious plans for the
redevelopment of Wansbeck Square and progress the designs for the
Public Realm and Connectivity project, which will enable the
creation of Grand Corner Gateway; and
 
(c )     Cabinet approve the development
of a high-level business case to the North of Tyne Combined
Authority in order to secure funding from the Northumberland Line
Economic Corridor Investment Fund for the redevelopment of Wansbeck
Square, with approval of the final bid submission delegated to the
Council’s S151 Officer. The Accountable Body will monitor the
use of funding subsequently awarded and ensure adherence to the
Grant Agreement.