To approve the Canalside South update which includes disposal of Council land

Councillor John Reynolds presented the report on a proposal seeking agreement to enter into a Lock-Out (or Exclusivity) Agreement, Licence Agreement with a developer and to agree Heads of Terms for a land sale with developer in order to progress proposals to regenerate the area known as Canalside South which included the Council’s landholdings at Horseley Fields (the former Edward Vaughan Stamping Works).

Resolved:

1.    That the Council enter into a six-month Exclusivity Agreement with Placefirst, to deal with any unforeseen barriers to progress either an adoptable masterplan or outline planning application for its land on Phase 1 at Canalside South and an infrastructure plan.

2.    That a licence be granted to Placefirst to enable due diligence works on the Horseley Fields site.

3.    That the Council enter into a conditional agreement to transfer the Council’s Canalside South land holding at Horseley Fields to Placefirst to support the wider aspirations of the Canalside South masterplan. The details of the disposal would be subject to a separate Individual Executive Decision Notice, but the heads of terms are set out in the report.

4.    That the principle be adopted that Placefirst would be given support to develop the wider Phase 1 masterplan area including support for acquiring listed neighbouring properties and approval of the terms of any support be delegated to the Cabinet Member for City Economy in consultation with the Director of Regeneration.

5.    That authority be delegated to the Cabinet Member for City Economy in consultation with the Director of Regeneration to approve any early termination of the Council’s lease with Dunton Environmental.

6.    That authority be delegated to the Cabinet Member for City Economy in consultation with the Director of Regeneration to approve the terms of any sale of the Council’s land at Limekiln Wharf (also known as Commercial Wharf).

7.    That approval of the final terms of the disposal of Canalside South land holding at Horseley Fields to Placefirst be delegated to the Cabinet Member for City Economy in consultation with the Director of Regeneration.