Agenda item

Report herewith.

1)    Cabinet noted the progress that had been made to date and the further negotiations to be undertaken with the preferred Bidder following a Cabinet approval;

2)    Cabinet approved a recommendation for the preferred developer of the Greyfriars site:  Developer A;

3)    Cabinet delegated authority to the Director of Regeneration, Enterprise & Planning and the Chief Finance Officer to conclude negotiations on Head of Terms/Agreement to lease with the preferred bidder in consultation with the Cabinet Member for Regeneration, Enterprise & Planning;

4)    Cabinet delegated to the Borough Secretary the approval and conclusion of relevant and appropriate legal documentation;

5)    Cabinet approved the continuation of the Cabinet Advisory Group to work alongside the selected developer throughout the development process;

6)    Cabinet noted that the Director of Regeneration, enterprise & Planning would submit a report to Cabinet to approve the proposed Heads of Terms/Agreement to Lease, whichever document(s) are appropriate.

Councillor Beardsworth stated disappointment in the plans as she felt it should be a more exciting, active place to visit.  She referred to 2 cinemas in the town centre which had not been viable and the fact that the town centre already had a cinema.  She felt a skating rink or climbing facilities might have been better. She also felt there was no need for new restaurants as these would drive away the existing ones.  She also felt student lifestyle was so different that no-one would want to live close to them.

Councillor Stone stated she had expected something more radical.  She asked about young families and suggested something that better complemented what was already in the areas should have been designed rather than something that would be in competition.  She also suggested retaining the land and developing it themselves.

In submitting the report Councillor Hadland stated this was the next stage in the development of the north side of Northampton town centre.  He felt providing an exciting development was all well and good when you had the finances to back it.  There had been originally 3 schemes but 1 of these had backed out.  General feedback on the other 2 schemes during consultation had been supportive.  Advisers were employed to consider the proposals and professional advice was sought across the scheme.  When scoring the 2 schemes, 50% was weighted to the scheme, 40% to finance and 10% to legal requirements.  Developer A had scored slightly higher than developer B and the report explained reasons for this in paragraph 3.2.5.  Viability was quite high as was attractiveness with links to the existing town centre which it was felt would provide an integration.  It included improvements to the public realm and private housing.  It was also felt students would not disturb others living in the area. 

A planning decision would be expected in the Autumn of 2017 with workmen on site from January 2018.  Palace Capital who owned Sol Central had expressed concerns in the viability of the cinema but professional advice was that the town could sustain 2 cinemas.  Palace Capital had also put in an application to improve the Sol Central site and NBC were convinced that the 2 developments would not have an adverse affect on each other.  Should Cabinet approve the recommendations, Developer A could be named and more information about them released.

Councillor Markham reminded Cabinet that there would be further recommendations that would come to them for approval during the process.

RESOLVED:

1)    That the progress that had been made to date and the further negotiations to be undertaken with the preferred Bidder following a Cabinet approval be noted.

2)    That a recommendation for the preferred developer of the Greyfriars site be approved:  Developer A.

3)    That authority be delegated to the Director of Regeneration, Enterprise & Planning and the Chief Finance Officer to conclude negotiations on Head of Terms/Agreement to lease with the preferred bidder in consultation with the Cabinet Member for Regeneration, Enterprise & Planning.

4)    That authority be delegated to the Borough Secretary the approval and conclusion of relevant and appropriate legal documentation;

5)    That the continuation of the Cabinet Advisory Group to work alongside the selected developer throughout the development process be approved.

6)    That the Director of Regeneration, Enterprise & Planning would submit a report to Cabinet to approve the proposed Heads of Terms/Agreement to Lease, whichever document(s) are appropriate.