Issue - meetings

To consider a report of the Executive Councillors (Finance) and (Regeneration)

(Note: this report includes information ‘Not for Publication’ contained within its appendices which have been circulated to executive councillors only)

As part of the continuing development of the Grand Central site the Council and Muse Developments are in a position to access £5m grant funding from the Department for Transport towards the construction of a Multi Storey Car Park. The report sets out the background and proposed funding mechanisms that will need to be put in place to secure the grant and the external investment and operational arrangements required to progress the scheme.

The Executive is recommended to:

·         approve that the Council will, in partnership with Muse Developments Ltd, proceed with the construction of an up to 1,054 space MSCP adjacent to Stockport Railway Station and agree the final heads of terms with Network Rail to enable draw down of the DfT MSCP funding grant.

·         Give delegated authority to the Corporate Director for Corporate and Support Services and the Service Director Place Development, in conjunction with the Executive Councillors for (Finance) and (Regeneration) to work with Muse to secure the most financially beneficial funding arrangement for the MSCP and to enter into all the appropriate agreements/leases to enable the construction, funding, operation and use of the Multi Storey Car Park; and

·         Note and approve the process involved in complying with the Department for Transport and Network Rail requirements for drawing down the grant funding for the MSCP.

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 proposals to fund the construction of a multi-storey car park next to Stockport Railway Station, as part of the proposals to redevelop Grand Central, including the process for drawing down the £5m Department for Transport grant funding.

(Note: the report included information ‘Not for Publication’ contained within its appendices that had been circulated to executive councillors only).

RESOLVED – That, based on the information contained in the Confidential Appendices 1 and 2:-

·                Approval be given to the Council in partnership with Muse Developments Ltd proceeding with the construction of a Multi-Storey Car Park (MSCP) of up to 1,054 spaces adjacent to Stockport Railway Station and the final head of terms with Network Rail be agreed to enable the draw down of the Department for Transport MSCP funding grant.

·                Authority be delegated to the Corporate Director for Corporate and Support Services and the Service Director (Place Development) in conjunction with the Executive Councillors (Policy, Reform and Finance) and (Economic Development & Regeneration) to work with Muse Developments Ltd to secure the most financially beneficial funding arrangement for the MSCP and to enter into all the appropriate agreements/ leases to enable the construction, funding and operation and use for the MSCP.

·                The process involved in complying with the Department for Transport and Network Rail requirements for drawing down the grant funding for the MSCP be noted and approved.