Decision details

That the Cabinet AGREED:-

1)  To approve the aims of the Dunsbury Hill Farm Project as set out in paragraph 3.1.

2)  Subject to City Council project governance arrangements and to financial appraisal(s) approved by the Director of Finance and Section 151 officer, authority is delegated to the Director of Property and Director of Finance and Section 151 Officer  in consultation with the Leader and Cabinet Member for Planning, Regeneration & Economic Development to:

                                           i.        Develop Dunsbury Hill Farm in pursuance of the approved aims.

                                          ii.        Determine the most appropriate route to market which could include either or a potential combination of the following:

·      Sale of the undeveloped site

·      Direct development of the site by PCC

·      Entering a joint venture with an external organisation

                                         iii.        Apply for grants or resources to finance the Dunsbury Hill Farm development.

3)  The Deputy Chief Executive (City Solicitor) and the Director of Finance and Section 151 Officer are authorised to enter into all legal and financial documentation required.

And the Cabinet RECOMMENDS to City Council that:-

1)  Authority is delegated to the Director of Finance and Section 151 Officer in consultation with the Leader of the Council and the Cabinet Member for Planning, Regeneration & Economic Development to:

                                           i.        Borrow as required for the Dunsbury Hill Farm development subject to the financial appraisal demonstrating that any borrowing costs in aggregate can be met from either the additional income or an increase in market value arising.

                                          ii.        Amend the Corporate Capital Programme as required to reflect expenditure and financing for the Dunsbury Hill Farm development.