Issue - meetings

This report seeks approval to proceed with the archaeological investigation required on the former Peaseholme Hostel Site and part of the Haymarket Car Park and to fund this work by prudential borrowing against the future enhanced capital receipt resulting from the subsequent increase in value of the site.

RESOLVED:             That the Cabinet

  i)        Approve the archaeological investigation at the Hungate site, and the funding of the work from the future capital receipt.

ii)        Approve the use of the property services revenue budget as required

a.            to fund the finance costs incurred as a result of the timing differences between the archaeological investigation costs incurred and the sale of the capital receipt or

b.            to fund the archaeological investigation costs from the surplus property fund budget if the site is not sold.

iii)       Approve the marketing of the whole Hungate site, following completion of the archaeological investigation.

REASON:                  To enable the site to be marketed for sale.          

The Cabinet considered a report which sought their approval to proceed with the archaeological investigation on the former Peasholme Hostel site and part of the Haymarket car park. The work would be funded by prudential borrowing against the future enhanced capital receipt. Approval was also requested for marketing of the Hungate site following the investigation works.

It had been confirmed that important archaeological remains lay beneath part of the site and that investigations would define the areas where development would be restricted. This would thereby reduce the risk and give developers more certainty as to development, enhancing site value.

Details of York Archaeological Trust’s scope and quotation for investigative works were set out at paragraphs 6 to 9 of the report.

Officers confirmed receipt of a number of recent enquiries from developers and agents for a number of different uses for the site.

Members were asked to consider approving or rejecting the recommendations.

RESOLVED:             That the Cabinet

  i)        Approve the archaeological investigation at the Hungate site, and the funding of the work from the future capital receipt. ^1.

ii)        Approve the use of the property services revenue budget as required

a.            to fund the finance costs incurred as a result of the timing differences between the archaeological investigation costs incurred and the sale of the capital receipt or

b.            to fund the archaeological investigation costs from the surplus property fund budget if the site is not sold. ^2.

iii)       Approve the marketing of the whole Hungate site, following completion of the archaeological investigation. ^3.

REASON:                  To enable the site to be marketed for sale.