The paper will set out the terms and seek authority to enter into an Agreement with Urban and Civic PLC to deliver the regeneration of Westside. It will outline the proposals, delivery timescales and implications for the Council in achieving Vacant Possession of the site to meet with the developers programme.

Councillor John Reynolds  advised that Urban&Civic PLC (U&C) were selected from a list of eleven national developers to enter into an exclusivity agreement with the Council to collaboratively refine proposals for the Westside development. An update was provided on the progress made throughout the exclusivity period, the terms of the Agreement with the developer and the implications in achieving Vacant Possession (VP) of the site to enable development.

Resolved:

1.     That authority be delegated to the Cabinet Members for City Economy and Resources, in consultation with the Strategic Director for Place and Director of Finance, to enter into Agreement with Urban & Civic (Wolverhampton) Limited on the terms outlined in section 7 of the report for the delivery of the regeneration at Westside.

2.     That the strategy to relocate the retail market to the Snow Hill site at Southside be approved.

3.     That authority be delegated to the Cabinet Member for City Economy, in consultation with the Service Director for Place to approve tenders for this work to ensure that the relocation meets the deadlines for achieving Vacant Possession of Westside aligned to the developers programme.

4.     That a budget of £2.5 million for the relocation of the retail market be agreed.

5.     That authority be delegated to the Cabinet Member for City Economy, in consultation with the Head of Corporate Landlord  and Director of Finance to accept that the base sale price for the Property meets the Council’s statutory duty to ensure that it is obtaining the best consideration reasonably obtainable.

6.     That the proposed scheme for the Westside development be noted.

7.     That it be noted, the Capital budget quarter three monitoring 2016/17 report to Council would seek approval to a budget of £2.5 million for the market relocation, in the event that Cabinet approve the strategy to relocate the retail market to the Snow Hill site at Southside.