Issue - meetings

That Cabinet approve the following recommendations:

Ollerton

a)       to forward fund a £35,000 budget associated with the LUF 3 funding to enable ongoing timely delivery of programme work streams including legal costs. This budget can be financed by the Capital Feasibility Reserve in advance of the LUF3 MoU with government, at which time the costs can be moved to the approved Capital scheme and the reserve be replenished;

b)       to agree for £20,909,757 to be added to the capital programme alongside the existing Exempt Approved Budget previously agreed by the Cabinet on 26 March 2024 to acquire the bank, financed in accordance with proposed sources of funding in accordance with the financial implications set out;

c)        Note the financial gap of £832,758 that is included within the £20,909,757 above, and that this be financed by borrowing as detailed in the financial implications in the report;

d)       to provide delegated authority to the Portfolio Holders for Strategy, Performance & Finance in consultation with the Director - Resources, Director - Planning & Growth, Business Manager - Corporate Property and Portfolio Holder Sustainable Economic Growth, to approve the Green Book Final Business Case (FBC), subject to:

·      the project being within the approved Capital Program budget of £20,909,757, (alongside the existing previous Exempt budget to acquire the bank); and

·      receipt of £14,995,999 of LUF3 Grant; and

·      the value of the required land transfers (paragraph 3.6 of the report);

·      a £3m contribution from NCC; and

·      a £1.106m grant from the Brownfield Land Release Fund (BLRF)

e)       to authorise the Director – Resources to secure all tenants for the development, subject to commercial terms and any appropriate tenant incentivisation’s, subject to meeting budget detailed at b) and d) above;

f)         to 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 submit a planning application, subject to meeting budget detailed at b) and d) above;

g)        to delegate to the Director – Resources and S151 Officer, in consultation with the Director - Planning & Growth, authorisation, subject to securing planning permission, to enter into any S106 agreement with NCC (who will be the enforcing body), along with any other necessary legal requirements as part of the planning process, subject to meeting budget at b) and d) above;

h)       to delegate to the Portfolio Holder for Strategy, Performance & Finance in consultation with the Portfolio Holder Sustainable Economic Growth, the Director – Resources and Director - Planning & Growth, authority to purchase in accordance with the requirements of the Council’s Acquisitions and Disposals Policy the required land holdings from Ollerton & Boughton Town Centre and Johal Ltd), subject to budget at b) and d) above;

i)         to delegate to the Portfolio Holder for Strategy, Performance & Finance in consultation with the Portfolio Holder for Sustainable Economic Development, the Director – Resources and Director - Planning & Growth, authority to dispose of any commercial units to Johal Ltd  ...  view the full decision text for item 141

The Director – Planning & Growth presented a report which provided a comprehensive update on the progress of the Levelling Up Fund 3 (LUF 3) programme for the two place projects at Ollerton Town Centre and Mansfield Road, Clipstone, including funding and Full Business Cases development and the critical path for planning application submissions. It was noted that some of the financial elements redacted in the report given their commercial sensitivity were set out in an exempt appendix.

AGREED (unanimously) that Cabinet approve the following recommendations:

Ollerton

a)       to forward fund a £35,000 budget associated with the LUF 3 funding to enable ongoing timely delivery of programme work streams including legal costs. This budget can be financed by the Capital Feasibility Reserve in advance of the LUF3 MoU with government, at which time the costs can be moved to the approved Capital scheme and the reserve be replenished;

b)       to agree for £20,909,757 to be added to the capital programme alongside the existing Exempt Approved Budget previously agreed by the Cabinet on 26 March 2024 to acquire the bank, financed in accordance with proposed sources of funding in accordance with the financial implications set out;

c)        Note the financial gap of £832,758 that is included within the £20,909,757 above, and that this be financed by borrowing as detailed in the financial implications in the report;

d)       to provide delegated authority to the Portfolio Holders for Strategy, Performance & Finance in consultation with the Director - Resources, Director - Planning & Growth, Business Manager - Corporate Property and Portfolio Holder Sustainable Economic Growth, to approve the Green Book Final Business Case (FBC), subject to:

·      the project being within the approved Capital Program budget of £20,909,757, (alongside the existing previous Exempt budget to acquire the bank); and

·      receipt of £14,995,999 of LUF3 Grant; and

·      the value of the required land transfers (paragraph 3.6 of the report);

·      a £3m contribution from NCC; and

·      a £1.106m grant from the Brownfield Land Release Fund (BLRF)

e)       to authorise the Director – Resources to secure all tenants for the development, subject to commercial terms and any appropriate tenant incentivisation’s, subject to meeting budget detailed at b) and d) above;

f)         to 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 submit a planning application, subject to meeting budget detailed at b) and d) above;

g)        to delegate to the Director – Resources and S151 Officer, in consultation with the Director - Planning & Growth, authorisation, subject to securing planning permission, to enter into any S106 agreement with NCC (who will be the enforcing body), along with any other necessary legal requirements as part of the planning process, subject to meeting budget at b) and d) above;

h)       to delegate to the Portfolio Holder for Strategy, Performance & Finance in consultation with the Portfolio Holder Sustainable Economic Growth, the Director –  ...  view the full minutes text for item 141