Issue - meetings

PLEASE NOTE: Should the Council wish to discuss the detail of Appendix 1 it will be necessary to exclude the press and public and move into exempt session. If applicable, the following resolution should be moved:

“That under Section 100(A)(4) of the Local Government Act 1972, the public be excluded from the meeting for the following item of business on the grounds that they involve the likely disclosure of exempt information as defined in Paragraph 3 in Part I of Schedule 12A of the Act and that the public interest in withholding the information outweighs such interest in disclosing the information.”

RECOMMENDED that Council:

(a)    approve the release of the parties from their obligations under the Development Agreement dated 26th May 2017, subject to the financial settlement outlined in paragraph 21 to 23 of the Exempt Report at Appendix 1; and

(b)    delegate authority to the Corporate Director for Resources, Chief Operations Officer, the Director of Finance, the Director of Law and Governance and the Corporate Property Officer in consultation with the Portfolio Holder for Dynamic Places and the Portfolio Holder for Transformation and Resources to explore terms and make recommendations in a future cabinet report for a further head lease restructure to facilitate an alternative scheme on the Development Agreement site with L & G or its successor.

The Leader of the Council, Councillor V Slade, presented the report and recommendations as set out on the agenda.

The proposal was seconded by Councillor M Earl.

Cllr A Hadley declared a non-pecuniary interest as he was a director of Poole Business Improvement District.

Council moved to a vote where the motion as follows was carried.

RESOLVED that Council:

(a)       approve the release of the parties from their obligations under the Development Agreement dated 26th May 2017, subject to the financial settlement outlined in paragraph 21 to 23 of the Exempt Report at Appendix 1;

(b)       delegate authority to the Corporate Director for Resources, Chief Operations Officer, the Director of Finance, the Director of Lawand Governance and the Corporate Property Officer in consultation with the Portfolio Holder for Dynamic Places and the Portfolio Holder for Transformation and Resources to explore terms and make recommendations in a future cabinet report for a further head lease restructure to facilitate an alternative scheme on the Development Agreement site with L & G or its successor.

Voting: Nem. Con. Abstentions – 1.

This report concerns the subsisting Development Agreement (DA) dated 26th May 2017 between BCP Council and Legal and General Assurance Pensions Management Ltd (L & G) (the parties) covering Dolphin Centre, Towngate Centre, Link Mall and Kingland Crescent, Poole

Due to the downturn in the retail market, the works required by the 2017 DA became unviable and L & G did not carry them out.  This report is provided to update Cabinet and Council on the status of the 2017 DA and seeks approval to release the parties from their obligations under it in return for the financial settlement outlined in the Exempt report at Appendix 1.

It is RECOMMENDED that Cabinet recommend to Council:

(a)           To approve the release of the parties from their obligations under the Development Agreement dated 26th May 2017, subject to the financial settlement outlined in paragraph 21 to 23 of the Exempt Report at Appendix 1; and

(b)           To delegate authority to the Corporate Director for Resources, Chief Operations Officer, the Director of Finance, the Director of Law and Governance and the Corporate Property Officer in consultation with the Portfolio Holder for Dynamic Places and the Portfolio Holder for Transformation and Resources to explore terms and make recommendations in a future cabinet report for a further head lease restructure to facilitate an alternative scheme on the Development Agreement site with L & G or its successor.

Voting: Unanimous

Portfolio Holder: Dynamic Places

Reason

1. Paves the way for the parties’ consideration of an alternative head lease restructure that would facilitate an appropriate mixed-use development on the DA site and adjacent sites (including the council’s own multi storey car park) underpinned by the provision of new homes.

2. For the reasons set out in paragraphs 2 to 6 of the Exempt Report at Appendix 1.

The Leader of the Council and Portfolio Holder for Dynamic Places presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'M' to these Minutes in the Minute Book.

Cabinet was advised that the report concerns the subsisting Development Agreement (DA) dated 26th May 2017 between BCP Council and Legal and General Assurance Pensions Management Ltd (L & G) (the parties) covering Dolphin Centre, Towngate Centre, Link Mall and Kingland Crescent, Poole

In relation to this Cabinet was informed that due to the downturn in the retail market, the works required by the 2017 DA became unviable and L & G did not carry them out, and that this report is provided to update Cabinet and Council on the status of the 2017 DA and seeks approval to release the parties from their obligations under it in return for the financial settlement outlined in the Exempt report at Appendix 1.

Voting: Unanimous

Portfolio Holder: Dynamic Places

It is RECOMMENDED that Council: -

(a)           To approve the release of the parties from their obligations under the Development Agreement dated 26th May 2017, subject to the financial settlement outlined in paragraph 21 to 23 of the Exempt Report at Appendix 1.

(b)           To delegate authority to the Corporate Director for Resources, Chief Operations Officer, the Director of Finance, the Director of Law and Governance and the Corporate Property Officer in consultation with the Portfolio Holder for Dynamic Places and the Portfolio Holder for Transformation and Resources to explore terms and make recommendations in a future cabinet report for a further head lease restructure to facilitate an alternative scheme on the Development Agreement site with L & G or its successor.

Reason

1.   Paves the way for the parties’ consideration of an alternative head lease restructure that would facilitate an appropriate mixed-use development on the DA site and adjacent sites (including the council’s own multi storey car park) underpinned by the provision of new homes.

2.   For the reasons set out in paragraphs 2 to 6 of the Exempt Report at Appendix 1.