Issue - meetings

To consider the report of the Director of City Development providing an update on the offers received in response to the marketing of development Plots B and C, Sovereign Street, and seeking approval to progress with the preferred developer and site occupier for Plot C.

Appendix 1 to this report is designated as exempt under Access to Information Procedure Rule 10.4 (3).

Further to Minute No. 76, 5^th September 2012, the Director of City Development submitted a report providing an update on the offers received in response to the marketing of development plots B and C, Sovereign Street, and which also sought approval to progress with the recommended preferred developer and occupier, as identified within the exempt appendix to the submitted report, for the development of Plot C.

Responding to a Member’s enquiry, it was emphasised that the development of a public realm green space at Sovereign Street still remained a priority, whilst officers undertook to provide the Member in question with further information on the delivery of the green space development.

Following consideration of Appendix 1 to the submitted report, designated as exempt under Access to Information Procedure Rule 10.4(3), which was considered in private at the conclusion of the meeting, it was

RESOLVED –

(a)  That the recommended negotiated Heads of Terms with the developer, as outlined within the exempt appendix to the submitted report, be approved.

(b)  That an exclusivity agreement for a period of six months on plot C, be granted to the occupier, in order to allow all parties sufficient time to conclude the legal documentation.

(c)  That authority be delegated to the Director of City Development in order to negotiate the final detailed Heads of Terms.