Issue - meetings

To consider a joint report of the Executive Councillors (Economic Development & Regeneration) and (Governance & Corporate Services)

(Note: this report includes information ‘Not for Publication’ contained within its appendices which have been circulated to executive councillors only)

The report sets out the background to the Council’s efforts to facilitate the redevelopment of Offerton Precinct and provides an update on the current position. The report also seeks authority from the Executive to amend the existing Development Agreement between the Council and the preferred developer of the Offerton Precinct, Tenbest, to allow the development of the Offerton Precinct site for the benefit of the local community and should the amendment not result in appropriate progress by the end of November 2012, authorise appropriate action.

The Executive is recommended to:

·         Approve the current request of the developer to vary the Development Agreement as set out in confidential Appendix 2.

·         Agree that in the event that Tenbest are unable to comply with the revised terms of the agreement by the end of November 2012, the Corporate Director for Corporate and Support Services in consultation with the Service Director (Place Development) and the Executive Councillors (Governance & Corporate Services) and (Economic Development & Regeneration) be authorised to proceed in line with Option 2 above and to declare the intention to serve a General Vesting Declaration by the 12 December 2012 and to take such action as is necessary to secure the redevelopment of the site.

·         Agree that in the event that the General Vesting Declaration is served without funding from Tenbest being available, any interim costs are funded through the use of prudential borrowing which will be financed by the future capital receipt from the disposal of the site.

·         Authorise the appointment of Roger Hannah and Co as CPO valuers on behalf of the Council, in relation to this project.

Officer contact: Barry Khan / Paul Lawrence, 0161 474 3202/ 218 1940, barry.khan@stockport.gov.uk / paul.lawrence@stockport.gov.uk

The Executive Councillor (Economic Development & Regeneration) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider an update on the current situation with the Council’s efforts to facilitate the regeneration of Offerton Precinct and set out options to progress the redevelopment of the site.

(Note: this report included information ‘Not for Publication’ contained within its appendices that were circulated to executive councillors only)

The Executive Councillor (Economic Development & Regeneration) reported that the options had been discussed with local ward councillors who had supported the proposals.

The Leader of the Council reported that a letter had been received by the Council at short notice from an alternative developer who had requested that the content of the letter be read out at the Executive Meeting. The Leader of the Council had declined the request as there had been insufficient time to consider its content and ensure that it contained no information that may breach commercial confidentiality.

RESOLVED – That

·         the current request of Tenbest (the developer) to vary the Development Agreement as set out in confidential Appendix 2 be approved;

·         in the event that Tenbest were unable to comply with the revised terms of the agreement by the end of November 2012, the Corporate Director for Corporate and Support Services, in consultation with the Service Director (Place Development) and the Executive Councillors (Governance & Corporate Services) and (Economic Development & Regeneration) be authorised to proceed in line with Option 2 in the report and to declare the intention to serve a General Vesting Declaration by 12 December 2012 and to take such action as was necessary to secure the redevelopment of the site;

·         in the event that the General Vesting Declaration being served without funding from Tenbest being available, approval be given to any interim costs being funded through the use of prudential borrowing which would be financed by the future capital receipt from the disposal of the site; and

·         Roger Hannah and Co be appointed as Compulsory Purchase Order valuers on behalf of the Council for this project.