To consider the report of the Director of City Development providing an update on the ongoing work in this area and which seeks approval for an injection into the Capital Programme and related ‘authority to spend’ for the purposes of acquiring a fifty percent share of the completed development, as detailed in the report, whilst the report also seeks relevant approvals to enable the scheme to progress.
(Please note that Appendix 1 to this report is designated as being exempt from publication under the provisions of Access to Information Procedure Rule 10.4(3))
Further to Minute No. 113, 13th December 2017, the Director of City Development submitted a report providing an update on the ongoing associated redevelopment works regarding Kirkgate Market’s George Street frontage and which sought further approvals from the Board, including for an injection into the Capital Programme and related ‘authority to spend’ for the purposes of acquiring a fifty percent share of the completed development, as detailed within the submitted report.
Prior to the meeting, Board Members were provided/re-provided with the appended illustrations to this report, as following the publication and distribution of the agenda it had come to light that this appendix had been omitted from some of the paper agenda packs.
Responding to a specific enquiry, it was noted that the proposed additional cost to the Council would not adversely affect the Capital Programme, as it was highlighted the additional cost would be financed by the value generated in the scheme.
Following the consideration of Appendix 1 to the submitted report, designated as being exempt from publication under the provisions of Access to Information Procedure Rule 10.4(3), which was considered in private at the conclusion of the meeting, it was
(a) That the contents of the submitted report, including the current position of the scheme, be noted;
(b) That the injection into the Capital Programme and the ‘Authority to Spend’ of an additional £917,000, as detailed within the exempt Appendix 1 to the submitted report, be approved, for the purpose of acquiring a fifty percent share of the completed development, whilst approval also be provided for the Council’s payments to acquire its interest in the completed development to be made on a phased basis through the construction period against approved architect’s certificates;
(c) That the scheme, as detailed within the submitted report, together with the previous recommendation, as approved by Executive Board at its meeting on 13th December 2017, be endorsed, namely that the Council should grant a 250 year ground lease of the development site to a Limited Liability Partnership (LLP) to be formed between the Council and Town Centre Securities and that the LLP will appoint Town Centre Securities to undertake the development on behalf of the LLP;
(d) That the necessary authority be delegated to the Director of City Development to enable the Director to make all subsequent decisions that may be necessary to deliver this scheme, with the concurrence of the Executive Member for Learning, Skills and Employment;
(e) That the Chief Officer, Financial Services and the Director of City Development, in liaison with the Executive Member for Resources and the Executive Member for Learning, Skills and Employment, be authorised to investigate further the opportunity for further financial savings, if the Council was to forward fund the entire scheme. If it is considered to be financially beneficial to the Council to proceed on this basis, then the necessary authority be delegated to the Chief Officer, Financial Services and the Director of City Development in order to enable the Director and Chief Officer to take all further decisions in respect of this proposal, including the delegation of appropriate financial approvals.