Issue - meetings

RESOLVED

KEY DECISION

That the Executive:

i)       Agreed in principle to the sale of the land as shown at Appendix A of the report.

ii)      Delegated authority to the Executive Member for Highways, Travel & Assets in consultation with the Assistant Director of Assets & Environment, to agree the sale price (subject to best value requirements for local authority disposal), authorise the completion of the land sale and finalise sale terms.

iii)     Noted that the gross receipt will be realised over the period of the build licence, as advised by LSH

Reasons for Recommendations:

a.    The joint venture requires each party to use reasonable endeavours to maximise and realise the value of the land and mutually agree to the amount of land to be offered on the open market for disposal, the timing, the terms of such a disposal and to whom.

b.    The sum being offered for approval represents “best value” for the Council

c.    The gross receipt realisation over the period of the build licence has been recommended by the Council’s agent, represents the least risk for the Council and ensures best consideration is obtained

Alternative Options Considered: As the joint venture agreement is a legally binding agreement, there is no opportunity for the Council to consider retaining the land, which forms part of the masterplan for the area.

The Chair invited Cllr Lyn Buckingham to address the meeting. Cllr Buckingham spoke to advocate additional social housing on the Oakley Vale site.

The Chair thanked Cllr Buckingham for her comments before Cllr Lloyd Bunday, Executive Member for Finance and Transformation introduced a report on behalf of the Executive Member for Highways, Travel and Assets, Cllr Graham Lawman. The report provided an update to Executive on the final parcels of land, developments phase 8 & 9, that formed part of the Oakley Vale Joint Venture and sought delegation to the Executive Member for Highways, Travel and Assets in consultation with the Assistant Director of Assets and Environment, to authorise the completion of the land sale agreement.

RESOLVED

KEY DECISION

That the Executive:

i)       Agreed in principle to the sale of the land as shown at Appendix A of the report.

ii)      Delegated authority to the Executive Member for Highways, Travel & Assets in consultation with the Assistant Director of Assets & Environment, to agree the sale price (subject to best value requirements for local authority disposal), authorise the completion of the land sale and finalise sale terms.

iii)     Noted that the gross receipt will be realised over the period of the build licence, as advised by LSH

Reasons for Recommendations:

a.    The joint venture requires each party to use reasonable endeavours to maximise and realise the value of the land and mutually agree to the amount of land to be offered on the open market for disposal, the timing, the terms of such a disposal and to whom.

b.    The sum being offered for approval represents “best value” for the Council

c.    The gross receipt realisation over the period of the build licence has been recommended by the Council’s agent, represents the least risk for the Council and ensures best consideration is obtained

Alternative Options Considered: As the joint venture agreement is a legally binding agreement, there is no opportunity for the Council to consider retaining the land, which forms part of the masterplan for the area.