To approve the approach proposed towards bringing forward the first phase of Canalside North.

Councillor Stephen Simkins presented the report on an update on the proposed approach towards bringing forward the first phase of Canalside North, one of the Council's key priorities for residential-led mixed use regeneration.   

Resolved:

1.    That the Heads of Terms summarised in the report which have been negotiated and agreed in principle with the developer in order for the Council to progress into an Agreement for Lease for a term of 250 years for the delivery of the first phase of Canalside North site be approved and the conditionality of the proposed transaction be noted. The Agreement for Lease (AfL) would contain conditions that the developer obtains planning permission and that the Council delivers vacant possession of the property as detailed in part 4 of the report.

2.    That authority be delegated to the Cabinet Member for City Economy in consultation with the Director of Regeneration and the Director of Finance to approve and negotiate any final terms.