Decision details

RECOMMENDED:     i)         That Council agree to commence negotiations for the sale of the Hungate site to the Hiscox development partner, Bidder 2.

ii)         That Council delegate authority to the Director of Customer and Business Support Services the power to finalise an agreement for the sale of the land to Bidder 2 at a commercial market value being not less than the figure set out in Annex 2 of the report.

iii)        Cabinet recommends to Council amendment of the capital programme financing, reducing capital receipts by £1.627m, with a corresponding increase in prudential borrowing.

REASON:      i)             To promote the economic well being of the City by ensuring the creation of between 400-600 new jobs and realising a capital receipt to fund the capital programme.

ii) & iii)     To ensure the effective delivery of the capital programme.