Issue - meetings

To consider a report of the Executive Councillor (Economic Development & Regeneration)

The report details the options for progressing Phase Two of the Stockport Exchange (formerly Grand Central) development.  The purpose of the report is to seek authority from the Executive to progress with the next phase of the development supported by Council investment of £18.5m funded through prudential borrowing.

(Note: this report contains information ‘not for publication’ contained in its appendices and these have been circulated to executive councillors only)

Based on the information contained in the report and, in particular, the details in Confidential Appendices 2 and 3 the Executive is recommended to:

·                approve that the Council in partnership with Muse Developments Ltd proceed with phase 2 of the Grand Central/Stockport Exchange development, namely the construction of the first office and hotel buildings and the associated public realm and highway works;

·                approve the use of Prudential Borrowing to finance phase two of the development of Stockport Exchange;

·                give delegated authority to the Corporate Director for Corporate and Support Services and the Corporate Director for Place Management and Regeneration, in conjunction with the Executive Councillor (Corporate, Customer and Community Services) and the Executive Councillor (Economic Development and Regeneration) to work with Muse to secure the most financially beneficial funding arrangement to secure the developments and, subject to the final financial arrangements satisfying the aim of the development providing a positive financial assessment, to enter into all the appropriate agreements/leases to enable the construction, funding, operation and use of the buildings. 

Officer contact: George Perrin, 0161 474 4510, George.perrin@stockport.gov.uk

The Executive Councillor (Economic Development & Regeneration) submitted a report (copies of which had been circulated) inviting the Executive Meeting to agree the next stages of delivery for Phase 2 of Grand Central (Stockport Exchange) redevelopment, including proposals to fund the development of Grade A office accommodation and a new hotel.

(Note: the report included information ‘not for publication’ contained in its appendices that were circulated to executive councillors only).

RESOLVED – That in light of the information contained in the report, and set out in the appendices,

·                approval be given to the Council, in partnership with Muse Developments Ltd, proceeding with phase 2 of the Grand Central/Stockport Exchange development, namely the construction of the first office and hotel buildings and the associated public realm and highway works;

·                the use of Prudential Borrowing to finance phase two of the development of Stockport Exchange be approved; and

·                authority be delegated to the Corporate Director for Corporate and Support Services and the Corporate Director for Place Management and Regeneration, in conjunction with the Executive Councillors (Corporate, Customer & Community Services) and (Economic Development & Regeneration) to work with Muse to secure the most financially beneficial funding arrangement to secure the developments and, subject to the final financial arrangements satisfying the aim of the development providing a positive financial assessment, to enter into all the appropriate agreements/leases to enable the construction, funding, operation and use of the buildings. 

To consider a report of the Corporate Director for Corporate and Support Services and the Corporate Director for Place Management and Regeneration

The report details the options for progressing phase two of the Stockport Exchange (formerly Grand Central) development.

The Scrutiny Committee’s views are requested.

Officer Contact: George Perrin on 0161 474 4510 or e mail: george.perrin@stockport.gov.uk.

The Corporate Director for Place Management and Regeneration submitted a report (copies of which had been circulated) regarding the next stages of delivery for Phase 2 of Stockport Exchange (Grand Central) redevelopment, including proposals to fund the development of Grade A office accommodation and a new hotel.

(Note: the report included information ‘not for publication’ contained in its appendices that had been circulated to Members of the Scrutiny Committee only).

The report would be considered by the Executive at its meeting on 1 October 2013.

The Executive Councillor (Economic Development & Regeneration) (Councillor Iain Roberts) attended the meeting to respond to Members’ questions).

A Member commented on the rationale behind re-naming the scheme ‘Stockport Exchange’.

RESOLVED – That the report be noted.