Decision details

 That the Executive:

i)      Agreed to a further extension to April 2026 of the Planning Longstop date in the Promotion Agreement and consequently an extension to the Deed of Variation on the same terms approved by the Executive in December 2023.

ii)     Delegated authority to the Assistant Director of Assets and Environment in consultation with the Executive Member for Highways, Travel & Assets, to approve further extensions to the Promotion Agreement and Deed of Variation, should that be required.

Reasons for Recommendation: The reasons for recommending the extension of the Planning Longstop date in the Promotion Agreement is that it will:

a)    Provide a more definite timeframe for Planning to be resolved as April 2025 is now looking unlikely.

b)    It will provide the Council with the most certainty that the scheme will be brought forward for housing.

c)    The Deed of Variation to the overage provision on the title to the land will continue as long as there is a valid Promotion Agreement. Agreeing to extend the Planning Longstop date is the most cost-effective way to ensure that the Deed of Variation to the overage provision continues and significantly reduces the amount of legal and other professional fees potentially payable by the Council.

d)    The decision supports the corporate plan and the Rushden East Sustainable Urban Extension (SUE).

Alternative Options Considered: If the Council does not consent to extend the Planning Longstop Date in the Promotion Agreement, the Deed of Variation to the overage provisions on the Land’s Title will expire after 30^th April 2025 and any subsequent change of use or planning consent would be subject to the original (unvaried) transfer terms as set out in the original overage agreement. This would hypothetically result in a larger capital receipt for the Council; however, the Landowner and Promotor have stated that if they cannot obtain an extension from the Council, they will not pursue the Promotion Agreement and Planning Application and will let it lapse. This would result in the site not being developed and would create issues for the Rushden (SUE) because it sits in the centre of the site, and the Council would not receive a capital receipt.