Purpose

To
present the RVP Feasibility Report and its recommendations to
revitalise, repurpose and further develop the asset.

Decision

RESOLVED – That Full Council be
recommended:

That the report and the engagements results,
feasibility report and economic assessment in the open appendices
(Appendix A-F) and Exempt Appendices A and B be
approved.

That the design and delivery of the Combined Option
1 – cinema and leisure led mixed use development on Ely Court
(with repurposed Palm Court and residential development on Market
Square) which delivers the majority of the Strategic Objectives be
approved.

That an additional £450,000 to bring the
current RVP Capital Reserve Budget to £3.3 million and for
the S151 Officer to determine the source of funding in consultation
with the Cabinet Member for Finance and Property which can include
external borrowing be approved.

That
delegated authority be given to the Head of Economic Development
and Property, and S151 Officer, in consultation with the Cabinet
Members for Economic Development and Finance and Property be
approved to:

move
to RIBA Stage 2 and deliver the subsequent stages up to and
including RIBA Stage 4 for all or parts of the selected combined
option;
progress formal submission of planning applications to the Local
Planning Authority for the selected combined option;
submit
details to discharge the conditions of all planning matters and
conditions and statutory requirements;
progress stopping up orders and such other actions as required
to enable the selected combined option;
Approve the use of the capital budget of £3.3m for the
professional consultancy fees and ancillary costs to deliver the
selected combined option;
Finalise procurement and award contracts to design, develop and
deliver the selected combined option;
Market
and negotiate all necessary legal transactions to enable and
deliver the selected combined option including but not limited to
disposals, pre-lets and lettings for prospective
occupiers;
Prepare the disposal of Market Square determining timing and
terms;
Endorse the development of a communications and engagement
strategy focussed on the residents of the borough of Tunbridge
Wells.

That delegated authority be given to the Monitoring
Officer and S151 Officer, in consultation with the Cabinet Member
for Economic Development and the Cabinet Member for Finance and
Property to complete all necessary legal formalities and to
negotiate and complete all necessary agreements, deeds and
documents arising from or ancillary to the delivery of the selected
scheme be approved.

That the cross-party Investment Advisory Panel is
fully informed as appropriate for delivery of the selected scheme
as part of its overseeing this asset in accordance with the
IAP’s terms of reference be approved.

To agree in principle to the use of TWBC’s
compulsory purchase powers to deliver the scheme if required be
approved.

That all professional consultancy fees identified in
the report are spent at risk and that they will be abortive costs
if the development is not taken forward at a later date be
noted.

REASON FOR DECISION:
 To deliver on a priority
project that would support the Vibrant Economic strategic objective
as identified in the Strategic Plan.