Issue - meetings

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

(Note: the report includes information ‘not for publication’ in its appendices that have been circulated to executive councillors only)

The report sets out the strategic importance of delivering Bridgefield as leisure led development to support the regeneration of the town centre.  It details progress on negotiations with occupiers and operators for the scheme and the re-gearing of the terms of the lease with Debenhams.  It also explains the importance and urgency of making a commitment to delivering the scheme in order to secure these investments and occupiers. The report seeks authority from the Executive to enter into conditional agreements with the relevant parties and to seek in principle agreement to progress the development supported by potential prudential borrowing of circa £43m.

The Executive is recommended to:-

·         Approve the use of prudential borrowing to finance the development at Bridgefield.

·         Approve the acquisition of 42 Princes Street upon the terms contained in the confidential Appendix 2.

·         Give delegated authority to the Corporate Director for Corporate and Support Services and the Corporate Director for Place Development and Regeneration in consultation with the Executive Councillor (Corporate, Customer and Community Services) and Executive Councillor (Economic Development and Regeneration) to:

o   progress with the building design and, with the assistance of the Council’s Strategic Property Partner, proceed with the procurement of suitable contractors to deliver the project;

o   to settle the final terms of occupational leases for the proposed tenants of the units;

o   agree any necessary commercial arrangement for the  management of the new multi storey car park and existing Merseyway car parks;

o   the re-gearing of the lease with Debenhams; 

o   to settle the final terms of any further acquisitions required to facilitate the Bridgefield scheme and, if acquisitions cannot be achieved by agreement to report back to the Executive with proposals for possible compulsory acquisition;

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

o   To take any action needed to resolve any issues that may hinder the delivery of this project within the planned programme and budget.

Officer contact: Paul Lawrence, 0161 474 4515, paul.lawrence@stockport.gov.uk

The Executive Councillor (Economic Development & Regeneration) submitted a report (copies of which had been circulated) updating the Executive Meeting on the delivery of the Bridgefield regeneration project in the Town Centre and seeking agreement from the Executive Meeting to progress the scheme, supported through prudential borrowing.

(Note: the report contained information ‘not for publication’ within its appendices that had been circulated to executive councillors only)

Executive councillors welcomed the proposals and the impact this would have on the Town Centre.

RESOLVED – That

(i)            approval be given to the use of prudential borrowing to finance the development at Bridgefield;

(ii)          the acquisition of 42 Princes Street be approved upon the terms contained in the confidential Appendix 2;

(iii)         delegated authority be given to the Corporate Director for Corporate and Support Services and the Corporate Director for Place Management & Regeneration in consultation with the Executive Councillors (Corporate, Customer & Community Services) (Economic Development & Regeneration) to:

·           progress with the building design and, with the assistance of the Council’s Strategic Property Partner, proceed with the procurement of suitable contractors to deliver the project;

·           to settle the final terms of occupational leases for the proposed tenants of the units;

·           agree any necessary commercial arrangement for the management of the new multi storey car park and existing Merseyway car parks;

·           re-gear of the lease with Debenhams; 

·           to settle the final terms of any further acquisitions required to facilitate the Bridgefield scheme and, if acquisitions cannot be achieved by agreement to report back to the Executive Meeting with proposals for possible compulsory acquisition;

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

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

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

The report sets out the strategic importance of a leisure led development to support the regeneration of the town centre. It details progress on negotiations with occupiers and operators for the scheme and the re-gearing of the terms of the lease with Debenhams. It also explains the importance and urgency of making a commitment to delivering the scheme in order to secure these investments and occupiers.

The Scrutiny Committee are requested to comment and give their views prior to consideration of the report by the Executive Meeting.

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) in connection with the Bridgefield Development Scheme. The report set out the strategic importance of a leisure led development to support the regeneration of the town centre. It detailed progress on negotiations with occupiers and operators for the scheme, and the re-gearing of the terms of the lease with Debenhams. It also explained the importance and urgency of making a commitment to delivering the scheme in order to secure these investments and occupiers.

(Note: the report included information ‘not for publication’ contained in Appendices 2 and 3 that had been circulated to Members of the Scrutiny Committee only).

The report would be considered by the Executive at its meeting on 17 December 2013.

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

The following comments were made/issues raised:-

·         Whether the residual values at Years 25/30 in the Financial Appraisal Summary would be adjusted for inflation.

·         What was being proposed for nearby sites, in particular the proposed improvement or compulsory purchase of properties on Princes Street and nearby roads, and how this fitted into the Bridgefield Scheme.

·         The re-routing buses of buses which currently travelled on Bridgefield Street.

·         The anticipated effect of the Bridgefield Scheme on Stockport’s night time economy.

RESOLVED – That the comments of the Scrutiny Committee be reported to the Executive Meeting on 17 December 2013 for consideration.