Issue - meetings

The report provided details of a linked transaction that would provide the Council with the opportunity to procure a major development and employment project on this key regeneration site in accordance with Wycombe District Local Plan.  Key elements of the development proposal included a major film studio on a 24-acre site owned freehold by the Council and an employment development on an 18-acre site within WAP.

The overall transaction would generate rental income for the Council that would support the Council’s Medium-Term Financial Plan.  In addition, the Council would receive a significant capital receipt that would contribute to the capital receipts target to fund priority capital projects of the Council.  Aside from the financial and economic benefits of the transaction to the Council, it would also provide a capital receipt to AAA; enable the return of Booker Gliding Club (“BGC”) to Wycombe Air Park and a cessation of legal proceedings between AAA and the Council without further costs.

RESOLVED –

That, subject to the necessary planning permission being granted, authority be delegated to the Service Director for Property and Assets, in consultation with the Cabinet Member for Accessible Housing and Resources, the Service Director for Legal and Democratic Services and the Section 151 Officer to:

(i)                 Authorise and undertake necessary outstanding due diligence, agree final terms for both a lease re-gear with AAA and a Collaboration Agreement for the disposal of Site B (“the principal transaction”) and exchange and complete relevant legal documentation for the reasons detailed in the Cabinet report and in the confidential appendix.

(ii)                Authorise and undertake necessary outstanding due diligence, agree final terms for the sale of Site B to the current proposed investor/developer or an alternative party (“the associated transaction”),and to exchange and complete relevant legal documentation for the reasons set out in the Cabinet report and the confidential appendix.

The report provided details of a linked transaction that would provide the Council with the opportunity to procure a major development and employment project on 24 acres of land (“Area A” in the report) immediately to the south of Wycombe Air Park.  This would enable the development of a comprehensive and permanent film studio scheme subject to receipt of planning and would bring forward employment development on Site B in accordance with the August 2019 adopted Wycombe District Local Plan (“WDLP”), subject to receipt of a satisfactory planning permission and the securing of vacant possession to all the site.

The overall transaction would generate rental income for the Council that would support the Council’s Medium-Term Financial Plan.  In addition, the Council would receive a significant capital receipt that would contribute to the capital receipts target to fund priority capital projects of the Council.  Aside from the financial and economic benefits of the transaction to the Council, it would also provide a capital receipt to AAA; enable the return of Booker Gliding Club (“BGC”) to Wycombe Air Park and a cessation of legal proceedings between AAA and the Council without further costs.

The Cabinet agenda included a confidential appendix on the detailed financial terms of the transaction. 

RESOLVED –

That, subject to the necessary planning permission being granted, authority be delegated to the Service Director for Property and Assets, in consultation with the Cabinet Member for Accessible Housing and Resources, the Service Director for Legal and Democratic Services and the Section 151 Officer to:

(i)                  Authorise and undertake necessary outstanding due diligence, agree final terms for both a lease re-gear with AAA and a Collaboration Agreement for the disposal of Site B (“the principal transaction”) and exchange and complete relevant legal documentation for the reasons detailed in the Cabinet report and in the confidential appendix.

(ii)                Authorise and undertake necessary outstanding due diligence, agree final terms for the sale of Site B to the current proposed investor/developer or an alternative party (“the associated transaction”),and to exchange and complete relevant legal documentation for the reasons set out in the Cabinet report and the confidential appendix.