The Executive Meeting considered an update on the redevelopment of Offerton Precinct and detailed options for progressing the redevelopment of the site and agreed that
· the current request of Tenbest (the developer) to vary the Development Agreement as set out in confidential Appendix 2 to the report be approved;
· in the event that Tenbest is 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 is necessary to secure the redevelopment of the site;
· in the event that the General Vesting Declaration is 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.
(Note: this report included information ‘Not for Publication’ contained within its appendices that was circulated to executive councillors only)