Issue - meetings

The purpose of this report is to update Members on the progress of this £150 million project and to seek approval for a number of decisions which have an impact on the ability to secure third party funding for the scheme.

RESOLVED that:-

(a)        the amendment of the existing £3.4m loan for the purchase of the Exeter Road site to an “Additional Council Finance loan note” be approved;

(b)        the increase in the long lease term from 150 years to 250 years (or whatever is market appropriate) be approved;

(c)        the increase to “Advance Sum” budget to the sums set out in the Advances Sum’s table in the report be approved; and

(d)        a change to the “Option Execute Date” to 3 years after the date of planning consent be approved.

Voting: Unanimous

Portfolio Holder: Regeneration and Culture

Reason

To enable this exciting and reputationally important scheme to go ahead, helping to deliver high quality homes and increased footfall in Bournemouth Town Centre.

To contribute to the Council’s vision, specifically helping to create dynamic places, investing and re-investing our high streets and local centes.

The Portfolio Holder for Regeneration and Culture presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'L' to these Minutes in the Minute Book.

Cabinet were updated on the progress of this £150 million project and in relation to this were requested to consider approval of a number of decisions which have an impact on the ability to secure third party funding for the scheme.

Cabinet were advised that approval would enable this exciting and reputationally important scheme to go ahead, helping to deliver high quality homes and increased footfall in Bournemouth Town Centre.

RESOLVED that:-

(a)        the amendment of the existing £3.4m loan for the purchase of the Exeter Road site to an “Additional Council Finance loan note” be approved;

(b)        the increase in the long lease term from 150 years to 250 years (or whatever is market appropriate) be approved;

(c)        the increase to “Advance Sum” budget to the sums set out in the Advances Sum’s table in the report be approved; and

(d)        a change to the “Option Execute Date” to 3 years after the date of planning consent be approved.

Voting: Unanimous

Portfolio Holder: Regeneration and Culture