The report by the Director of Regeneration is asking Cabinet to support the regeneration of Portsmouth's City Centre. This proposal is the first step on a journey to revitalise the City Centre and focuses on the long under used Tricorn site (currently under a long lease to the Delancey Group) together with other adjoining Council and Delancey Group owned land assets. (An indicative red line plan can be found in confidential appendix A.)
The report proposes that the Council and DV4 Limited (a Delancey Group owned vehicle) enter into a limited liability partnership ("LLP") on an equal 50/50 basis. The LLP will assemble land, design and co-develop the sites in line with the Council's aspirations for the regeneration of this area and to revitalise Commercial Road.
(Appendices A-C are exempt)
RECOMMENDED that Cabinet:
(1) Agree the Heads of Terms for the joint venture LLP with the DDV4 as proposed.
(2) Delegate authority to the Director of Finance and Information Services, the Head of Legal and the Director of Regeneration to negotiate and enter into the joint venture LLP in line with the agreed Heads of Terms.
(3) Delegate to the Director of Regeneration the management of spend on project related works against the capital budgets for the City Centre Regeneration. Spend will include negotiations and agreement of contracts, co-development of a feasibility study to ensure that the joint venture is fundable and delivers economic and commercial benefits for the Council and co-developing a meanwhile use for the site.
(4) Delegate authority to the Leader and S151 Officer for the use of unsupported borrowing to fund the joint venture, subject to agreeing that the proposals are feasible and viable.
Consideration of this item was DEFERRED with a report due back to a future Cabinet meeting.