Decision Maker: Cabinet Member for Resources
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
To seek approval for the Council as landowner
and Joint Venture partner with Staffordshire County Council to
enter into an Exclusivity Agreement with Third Parties for a period
of 6 months to undertake due diligence for the potential purchase
of a serviced development plot at i54 Western Extension
(south).
1. Approved that the City of Wolverhampton Council as direct landowner and its JV Partner Staffordshire County Council enters into an Exclusivity Agreement with Third Parties, for a period of six months to enable parties to work up a detailed proposal for potential development on the northern portion of the i54 Western Extension (South) site as shown in Appendix 1.
2. Approved that if required, the City of Wolverhampton Council as landowner extends the initial Exclusivity Agreement for a further three months to enable completion of the work.
3. Entered into negotiations with the Third Parties to finalise terms for the above Exclusivity Agreement in conjunction with the JV Partner.
4. Noted that a future report will be presented for executive decision, before the expiry of the exclusivity period, which will detail the results of the work undertaken, present detailed scheme proposals and confirm the terms of a sale agreement and the detailed financial structure.
Publication date: 08/02/2022
Date of decision: 22/02/2021