Agenda item

(a)  That the Old Library Site was no longer required for the purposes for which it is presently held.

(b)  That the Old Library Site be appropriated for other purposes for the benefit, improvement or development of the Council’s area.

(c)  That a recommendation be made to Full Council that the Council develop two hotels and a restaurant on the Old Library site, at an estimated cost of £30.5m (borrowing cost £55m) for the hotels and £1.7m (borrowing cost £3m) for the restaurant.

(d)  That the Council enter into an Agreement for Lease with Landlord’s Works for a 25-year term with a hotel operator for part of the Old Library Site and note that this could be extended to 45 years to match the offer from the hotel operator.

(e)  That a follow-up report be presented to Cabinet in September 2016 to present complementary development options and recommendations for the remainder of the site.

The Cabinet considered a report that sought approval for the Council to provide funding for Slough Urban Renewal to develop two high quality hotels and a restaurant as part of the mixed use development of the Old Library Site.  Commissioners considered the Part II Appendix 3 – Financial Options Appraisal, which contained exempt information, during Part I of the meeting without disclosing any exempt information.

The Old Library Site had been identified as a surplus asset in view of the impending transfer of library services to The Curve.  The site was in Council ownership and occupied a prime location identified for hotel use within the Heart of Slough strategy.  Five options had been evaluated and the preferred option was for two high standard hotels within a mixed use development.  The financial implications and risks associated with the development of a 144 room short stay and 92 room long stay hotel were noted.  The hotel scheme would deliver regeneration benefits to the town centre and would also generate an ongoing revenue stream.  The Cabinet would receive a further report on the options for the remainder of the site at a future meeting.

The Cabinet considered the approach taken to manage the risks around such a major investment and discussed a number of other issues such as the provision of car parking and potential for the development to contribute to the wider regeneration of the town centre.  The options for the remainder of the site, including residential or office space, were briefly discussed and this would be subject to further work on the options before the Cabinet received a report at a future meeting.

At the conclusion of the discussion it was agreed to recommend to full Council that funding be provided to take forward the recommended option for two hotels and a restaurant and to receive a report in due course on the development of the remainder of the site in September 2016.

Resolved –

(a)  That the Old Library Site was no longer required for the purposes for which it is presently held.

(b)  That the Old Library Site be appropriated for other purposes for the benefit, improvement or development of the Council’s area.

(c)  That a recommendation be made to Full Council that the Council develop two hotels and a restaurant on the Old Library site, at an estimated cost of £30.5m (borrowing cost £55m) for the hotels and £1.7m (borrowing cost £3m) for the restaurant.

(d)  That the Council enter into an Agreement for Lease with Landlord’s Works for a 25-year term with a hotel operator for part of the Old Library Site and note that this could be extended to 45 years to match the offer from the hotel operator.

(e)  That a follow-up report be presented to Cabinet in September 2016 to present complementary development options and recommendations for the remainder of the site.