Issue - meetings

To consider a report of the Cabinet Member for Economy & Regeneration.

This report seeks Cabinet approval for the procurement of a Joint Venture Partner (a private sector development entity) to bring forward development on the sites in Stockport Town Centre West known as Stockport 8.

(NOTE: The report contains appendices that are ‘not for publication’ and have been circulated to the Cabinet only).

The Cabinet is recommended to:

(1) Approve the principle of the Council entering into a Joint Venture with a Joint Venture Partner as proposed within the report on terms to be agreed

(2) Approve commencement of the procurement of a Joint Venture Partner as set out in section 3 of the Report and approve the costs of up to £300,000 set out in section 4.4 of the Report which will be funded from the Capital Investment Reserve – Mayoral Development Corporation.

(3) Delegate authority to the Chief Executive and Deputy Chief Executive in consultation with the Cabinet Members for Economy and Regeneration, and Finance and Resources to:

·         appoint a Joint Venture Partner

·         agree the terms of the Corporate Joint Venture

·         enter into all appropriate legal agreements to establish the Corporate Joint Venture

·         enter into all legal documentation required to deliver the development of Stockport 8 and to take the necessary steps to implement the strategy set out in this report

(4) Delegate authority to the Strategic Head of Service (Legal & Democratic Governance) to do all things necessary or incidental to the implementation of the resolutions above.

Officer contact: Paul Richards on 0161 474 2940 or email: paul.richards@stockport.gov.uk

The Leader of the Council (Councillor Mark Hunter) submitted a report of the Cabinet Member for Economy & Regeneration (copies of which had been circulated) detailing a proposal for the procurement of a Joint Venture Partner (a private sector development entity) to bring forward development on the sites in Stockport Town Centre West known as Stockport 8.

(NOTE: The report contained a ‘not for publication’ appendix that was circulated to the Cabinet only).

RESOLVED - (1) That approval be given to the principle of the Council entering into a Joint Venture with a Joint Venture Partner as proposed within the report on terms to be agreed

(2) That approval be given to the commencement of the procurement of a Joint Venture Partner as set out in section 3 of the Report and approve the costs of up to £300,000 set out in section 4.4 of the Report which will be funded from the Capital Investment Reserve – Mayoral Development Corporation.

(3) That authority be delegated to the Chief Executive and Deputy Chief Executive in consultation with the Cabinet Members for Economy and Regeneration, and Finance and Resources to:

·         appoint a Joint Venture Partner

·         agree the terms of the Corporate Joint Venture

·         enter into all appropriate legal agreements to establish the Corporate Joint Venture

·         enter into all legal documentation required to deliver the development of Stockport 8 and to take the necessary steps to implement the strategy set out in this report

(4) That authority be delegated to the Strategic Head of Service (Legal & Democratic Governance) to do all things necessary or incidental to the implementation of the resolutions above.

To consider a report of the Director of Development and Regeneration.

This report seeks Cabinet approval for the procurement of a Joint Venture Partner (a private sector development entity) to bring forward development on the sites in Stockport Town Centre West known as Stockport 8.

(Note: the report contains confidential appendices that have been circulated to members of the Scrutiny Committee only).

The Scrutiny Committee is asked to comment on and note the report.

Contact officer: Paul Richards 0161 474 2940 | paul.richards@stockport.gov.uk 

The Director of Development and Regeneration submitted a report (copies of which had been circulated) seeking Cabinet approval for the procurement of a Joint Venture Partner (a private sector development entity) to bring forward development on the sites in Stockport Town Centre West known as Stockport 8.

Members noted that, although the report was written in June 2022, it remained fit for purpose; there was no significant variation from anticipated inflation as a result of national circumstances.

RESOLVED – That the report be noted.