Decision details

AGREED that Cabinet:

a)       note and welcome the progress on the Ollerton Town Centre Regeneration Scheme;

b)       note and welcome the Government announcement that the Ollerton Town Centre Regeneration Scheme, along with Clipstone Mansfield Road development, has been identified to benefit from £19,995,358 under the Levelling Up Fund Round 3 (LUF3);

c)        delegate to the Director - Resources, in consultation with the Director - Planning & Growth, Business Manager - Corporate Property and Portfolio Holders for Strategy, Performance & Finance and Sustainable Economic Growth, authorisation to negotiate and purchase in accordance with the requirements of the Council’s Acquisitions and Disposals Policy the former Lloyds Bank on Forest Road for the Maximum Offer detailed at paragraph 2.2 of the report and in the Exempt Appendix B;

d)       delegate to the Director - Resources, in consultation with the Director - Planning & Growth, Business Manager - Corporate Property and Portfolio Holders for Strategy, Performance & Finance and Sustainable Economic Growth, authorisation to negotiate terms for necessary land assembly and lease deals with the Ollerton Regeneration Partners and prospective tenants, subject to completion of a Full Business Case to be presented to a future Cabinet, which includes Town Council Offices, a piece of brownfield land referred to as the Courtalds site and The Forest Centre;

e)       delegate to the Director - Resources, in consultation with the Director - Planning & Growth, Business Manager - Corporate Property and Portfolio Holders for Strategy, Performance & Finance and Sustainable Economic Growth, authority to agree and enter terms with Government to access the £19,995,358 LUF3 Funds, including any further updates that may be required for the LUF3 projects given the time elapsed between the bid and confirmation of success;

f)         agree additional revenue budget of £150,000 from the change management reserve in 2023/24 to allow acceleration of feasibility design work in advance of receipt of LUF3 funding, with delegation to the Director - Planning & Growth, in consultation with the Business Manager - Corporate Property and Portfolio Holders for Strategy, Performance & Finance and Sustainable Economic Growth;

g)        request a future update to Cabinet, including timetable for submission of a planning application and development of final Business Case; and

h)       request update report(s) following all negotiations to seek approval for future capital budget requirements.