Issue - decisions

In accordance with the authority delegated to them by the Executive on 30 September 2014 in relation to the delivery of the Market Place and Underbanks Regeneration Strategy, the Corporate Directors for Corporate and Support Services and for Corporate Director for Place Management and Regeneration, in consultation with the Executive Councillors (Support and Governance) and (Thriving Economy) have approved the acquisition of the White Lion Hotel on Great Underbanks, upon the terms indicated in the confidential appendix.

(Note: the report contains information ‘not for publication’ that has been circulated to decision makers only.)

The Executive Meeting considered a proposed strategic approach to the regeneration of the Market Place and Underbanks area of the Town Centre, including proposals for investment to support the regeneration strategy and then agreed that

·                the regeneration strategy for the wider Market Place and Underbanks area as detailed in the report be approved;

·                the use of prudential borrowing to finance the proposed investment strategy as outlined in the report be approved

·                the Corporate Directors for Corporate and Support Services and for Place Management & Regeneration, in consultation with the Executive Councillors (Corporate, Customer & Community Services) and (Economic Development & Regeneration), be authorised to:

·                progress with any necessary scheme and building design and, with the assistance of the Council’s Strategic Property Partner, proceed with the procurement of suitable contractors and partners to deliver the strategy;

·                settle the final terms of any occupational leases for the proposed tenants of the units (to include rent free periods and assistance with the costs of fitting out as deemed necessary to secure the appropriate tenant mix);

·                settle the final terms of any further acquisitions required to facilitate the strategy and, if acquisitions cannot be achieved by agreement, to authorise the making and service of a Compulsory Purchase Order;

·                agree the further procurement of consultants as may be required to deliver the scheme; and,

·                take any action needed to resolve any issues that may hinder the delivery of this strategy within the planned budget.