Disposal of Council Owned Assets at Hanover Street/George House
Additional documents:
Minutes:
The following resolutions/recommendation were included in the Public version of the Cabinet report and are therefore included here for the purposes of accuracy of the Minutes.
RESOLVED:
2.1 That Members note the contents of this report.
2.2 That Members confirm the approval of the freehold disposal of the Site to Hinton Properties as the preferred developer.
2.3 That subject to Council approving the inclusion of the phased capital receipt and consequential impact on the Medium Term Financial Plan, members approve the revised delivery programme proposed by Hinton Properties consisting of a two phased approach for the capital sum to be paid and for the land to be drawn down as set out in this report
2.4 That Members note that the revised delivery programme provides for the car park to be operated by the Council.
2.5 That Members agree to the Council taking on the operation of the car park and give approval to the Council entering into a lease back arrangement for the car park with the preferred developer ( or any successor body to which the preferred developer disposes their interest in the land)
2.6 That Cabinet recommend to Council that the capital receipt be approved for inclusion in the Medium Term Financial Plan on the phased basis as outlined in paragraph 3.1
2.7 That delegated authority be granted to the Executive Director for Finance and Resources to agree the final terms for the disposal of the Site, the lease back of the car park with the preferred developer and any resulting changes in fees and charges for car parking on this site
2.8 That delegated authority be granted to Head of Legal Equalities and Democratic Services to enter into the legal documents required for the purposes of implementing the recommendations 2.2 to 2.7
2.9 That Cabinet recommend to Council that the potential shortfall in car park income of approximately £16,000 be released from balances and that the future impact on income during the redevelopment be addressed as part of the Medium Term Financial Plan consideration for 2016/17.