Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: October 21, 2024

Purpose:

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.