Content

 
9.1
 
 
 
 
9.2
 
 
 
 
 

 
The Finance and Performance Policy Committee
considered a report of the Executive Director, City Futures which
sought to agree the disposal of freehold ownership of land at Hoyle
Street on the terms as set out in the wider report.
 
RESOLVED UNANIMOUSLY: That the
Finance and Performance Policy Committee: -
 
-      
Agree to the disposal of land on the terms as set out in this
report
 

9.3

Reasons for
Decision
 

9.3.1
 
 

The intended outcome of the proposal is to
deliver new residential development within the city centre and
repurpose vacant and underutilised brownfield land.

9.3.2

The development proposals will bring forward
the regeneration of the Furnace Hill area in line with the Furnace
Hill and Neepsend Development Framework and help to bring forward
the already approved investment of £67m secured by Homes
England.

 

 

9.3.3

The proposed disposal will also deliver the
economic and financial benefits as outlined within this report.
Generating a significant capital receipt, Council Tax Revenue and
CIL contribution for the Council.

 

 

9.4

Alternatives
Considered and Rejected

 

 

9.4.1

Alternative Option 1: The Council could do
nothing. This may result in the Land remaining vacant or
underutilised for several more years and would not contribute to
the Councils aspirations to see the regeneration of the Furnace
Hill and Neepsend Catalyst Site and increase in housing provision
within city

 

 

9.4.2

Alternative Option 2:The
Council could offer the Land for sale in the open market. This
would lead to a lack of coherence and comprehensiveness of
development which is part of the rational for the Furnace Hill and
Neepsend development framework.