Purpose

To consider the report of the Cabinet Member
for Economic Development to enable the development of a key gateway
site.

Decision

Having complied with paragraph 15 of the
Council’s Access to Information Procedure Rules.
 
(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.