Decision details

Cabinet approved:

1.      the Council entering into conditional agreements and an agreement for lease with Legal & General, based on the principles set out in the Heads of Terms contained within the exempt Appendix I.

Cabinet authorised:

2.      the Executive Director for Growth and Regeneration, in consultation with the Deputy Mayor Finance Governance and Performance, the S.151 Officer, and Director of Legal Services to finalise the terms and conclude all necessary legal agreements between the parties.

Cabinet approved:

3.      the allocation of £2m to the G&R Directorate to support the development of the project in line with the financial Appendix G – including further site investigation and scheme development work, whilst funding is sought to deliver the full extent of enabling works.

4.      the repurposing of EDF funding as per Appendix G, and the development and submission of funding applications of up to £32m to WoE LEP to enable BCC to implement enabling works to support the delivery of the Temple Island mixed use scheme and subject to Joint Committee approve and acceptance of the award incorporated into the council’s capital programme.

Cabinet noted:

5.      The proposed Memorandum of Understanding between the Council and L&G (at Appendix A.2) to support broader joint working within the TQEZ.

6.      Officers will keep the G&R scrutiny Commission informed and updated regarding the progress of the overall scheme.