Issue - meetings

Cabinet considered in detail a report on the proposed acquisition of Friars Square Shopping Centre for regeneration purposes.

Recommendations: That: (i) Authority be delegated to the Director of Property and Assets in consultation with the Cabinet Member for Property and Assets and the Service Director for Corporate Finance (s151 Officer), to formally submit a bid for the acquisition of Friars Square in accordance with the draft heads of terms set out in the confidential annex considered at Part 2 of the agenda;

(ii) Authority be delegated to the Director of Property and Assets in consultation with the Cabinet Member for Property and Assets, and the Service Director for Corporate Finance (s151 Officer), to enter into a lock out agreement with the vendor; and

(iii) Authority be given to the Director of Property and Assets in consultation with the Cabinet Member of Property and Assets, and the Service Director for Corporate Finance (s151 Officer), to commission the further required due diligence on the acquisition and to finalise the offer and the heads of terms, the arrangements for financing and to exchange contracts and complete on the acquisition for the long leasehold interest in the Centre.

The report before Cabinet sought approval to potentially acquire the long leasehold interest of Friars Square Shopping Centre, Aylesbury, for redevelopment purposes.

The following decisions were made to enable the Council to bring forward a significant regeneration scheme to benefit the whole town. The context for the regeneration had been set out in the Aylesbury Garden Town Plan which presented the vision for the town centre, including the area known as Station Corner. It was noted that the next steps would be to develop a masterplan which would be enhanced if the Council acquired the Friars Square Shopping Centre.

The meeting then agreed item 11 and went into private session to discuss the confidential report and appendices set out in item 12. Following a comprehensive confidential discussion, the meeting returned to public session and the recommendations were agreed as follows:

RESOLVED: That:

(i)      AuthoritybeDELEGATEDto theDirectorof PropertyandAssets inconsultationwiththeCabinetMemberforPropertyandAssets andthe ServiceDirectorforCorporateFinance(s151 Officer),to formallysubmita bidfortheacquisitionof FriarsSquarein accordancewiththe draftheadsoftermsset outin theconfidentialannexconsideredatPart2 ofthisagenda;

(ii)    AuthoritybeDELEGATEDto theDirectorof PropertyandAssets inconsultationwiththeCabinetMemberfor Propertyandassets,andthe ServiceDirectorforCorporateFinance(s151 Officer),to enterintoa lockout agreement withthe vendor;and

(iii)   AuthoritybeGIVENto theDirectorofPropertyandAssets inconsultationwiththe CabinetMemberof Propertyandassets,andtheServiceDirectorforCorporateFinance(s151Officer),to commissionthe furtherrequireddue diligenceon the acquisition andto finalisethe  offer  and  the  heads  of  terms,  the  arrangements  for  financing  and  to  exchangecontractsandcompleteon theacquisition forthelong leaseholdinterestin theCentre.

THIS ITEM HAS BEEN WITHDRAWN

This item was withdrawn.