Leasehold Disposal of Land at Cox Street
Report of the Executive Director of Place
(Listing Officer: P Beesley, Tel 024 7683 1377)
Minutes:
Further to Minute 113 above, the Cabinet considered a private report of the Executive Director of Place that set out confidential aspects of proposals for the leasehold disposal of land at Cox Street.
Since the publication of the report the Council had received a received an additional, unsolicited conditional offer from a third party, dated 8th February 2016. The offer was similar in terms of the proposed type of student housing development as well as financially.
It was incumbent on the Council to explore this additional offer. As such revised recommendations were submitted, the purpose of which were to obtain approval in principle the land disposal but provide an opportunity for officers, in consultation with relevant Cabinet Members, to explore the alternative offer now presented.
RESOLVED that the Cabinet recommend that Council:
1) Approve a leasehold disposal in the Council’s land on terms no less favourable than those contained in the report.
2) Delegate authority to the Assistant Director for City Centre and Development Services, Executive Director of Resources and Assistant Director of Legal and Democratic Services as appropriate, in consultation with Cabinet Member for Business, Enterprise and Employment, to enter into negotiations with the parties and conclude the documentation required to complete the lease.
3) Delegate authority to the Executive Director of Resources and Assistant Director of Legal and Democratic Services to complete the necessary legal documentation in this matter and collect the agreed consideration.
4) Approve the commencement of the process to remove part of the land in Cox Street from the off street parking order.