The Cabinet has considered a report 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 and has then:-
(1) Approved 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) Approved 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) Delegated 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) Delegated authority to the Strategic Head of Service (Legal & Democratic Governance) to do all things necessary or incidental to the implementation of the resolutions above.
(NOTE: The report contained a ‘not for publication’ appendix that was circulated to the Cabinet only).