Decision details

DECISION

The Cabinet

1.    Noted the comments from the public consultation and market engagement.

2.    Approved in principle the proposed design and mix of use types as noted in 3.6 and delegate to the Director of Regeneration progression of design works in line with these principles for the purposes of the necessary planning applications under the Town and Country Planning Act ('TCPA') and the Transport Works Act 1992 ('TWA') Order. Prior to submission, both applications are subject to the prior approval of the Full Council required in relation to promotion of applications and orders under the TWA.

3.    Approved the release of up to £8m of funding from the city deal grant for the preparation of the TWA and TCPA applications, and any other necessary additional consents relating to the proposed Tipner development; funding to be released through a "gateway" process following the satisfactory achievement of the criteria set out in recommendation 2.1.4 below

4.    The criteria to be achieved to enable the funding to be released is as follows and will require the approval of the S.151 Officer in consultation with the Director of Regeneration and the Cabinet Member with responsibility for the scheme:

i) It is expenditure that is required to complete an Outline Business Case

(required to lever in additional grant funding) or required to prepare the

TWA, TCPA

ii) Funding route(s) have been identified as being available to the Council (not necessarily confirmed) sufficient to substantially (95%) meet the overall gross development cost of the scheme i.e. any "viability gap" remains at less than 5%

iii) That prior to the entering into each contract for spend, there is an evaluation that demonstrates that there remains reasonable expectation that any viability gap can be met in full from either additional external funding or modification to the scheme and that an evidence base can be provided to form that "reasonable expectation."

iv) Delegates to the Assistant Director Property & Investment, in consultation with the Director of Finance and S.151 officer to negotiate and complete the acquisition of land at the Tipner peninsular and 'other' compensatory land but subject to a satisfactory financial appraisal and reasonable expectation of overall scheme viability with any acquisition costs to be funded from the City Deal Grant.