Agenda item

(a)  Approved the acquisition of the Property in line with the financial and legal terms set out in Confidential Appendix C (Part II Report – Financial, Commercial & Risk); and

(b)  Delegated authority to the Executive Director of Place, in consultation with the Leader of the Council and the Executive Director of Corporate Services (Section 151 Officer), to agree the detailed terms of the acquisition and take any action ancillary to or necessary to achieve acquisition of the Property; and

(c)  Delegated authority to the Executive Director of Place in consultation with the Executive Director of Corporate Services (Section 151 Officer) and the Leader of the Council (Lead Member for Regeneration & Strategy), to take any action, including appointing consultants, to review and investigate various development and financing options for the Property and report back to Cabinet within 6 months of the acquisition.

(d)  Delegated authority to the Executive Director of Place in consultation with Executive Director of Corporate Services to introduce the proposed Development Project Team, noting that the capital costs would include a budget to cover staffing costs for years 1-5 of the project as set out in sections 2.2 and 2.3 of Confidential Appendix C (Part II Report – Financial, Commercial & Risk).

(e)  Agreed to implement these decision urgently.

The Cabinet considered a report and received a comprehensive presentation on a proposal to acquire the residential element of the former Akzo Nobel site on Wexham Road for the development of up to 1,000 new homes.  The report followed the decision of the Cabinet on 18^th May 2020 to delegate authority to officers to complete Heads of Terms with Panattoni to seek to acquire the land.

This was an important site within the ‘Square Mile’ in the town centre Regeneration Framework Masterplan approved by Cabinet in November 2019.  It provided a opportunity to deliver on some of the Council’s key housing targets by providing a mixed tenure scheme of 1, 2 and 3 bedroom properties.  The site plan was set out at Appendix A to the report and it was noted that the residential land was in southern portion of the former Akzo Nobel paint factory and research and development facility.  Outline planning consent had been issued on 19^th November 2020 for up to 1,000 residential dwellings.  By acquiring the site the Council could bring forward an exemplar scheme which would make a contribution to a wide range of strategic housing, environmental and regeneration aspirations.  The economic benefits were summarised and it was noted that it was expected to increase the economically active population by 1,220, boost local spending power by £29m and generate £1.7m in Council Tax revenue and £5.4m in New Homes Bonus payments.

(Councillor Akram joined the meeting)

Whilst the Regeneration Framework Masterplan envisaged development taking place over a period of 15 years, it was highlighted that if the Council had control over the site it could be brought forward more quickly.  The project would take significant resources and a new development project team would be put together to coordinate the Council wide input.  The Cabinet agreed the importance of ensuring sufficient capacity was put in place to manage this development and the other key regeneration projects being driven forward by the Council.  The contamination issues on the site had been extensively assessed by external advisors who were present at the meeting and answered questions from Members.

Lead Members discussed the risks including a potential post-Covid downturn in the housing market and the amount of affordable housing that could be included in a Council led scheme.  The purchase of the site would enable the Council to design a scheme that met housing, environmental and commercial objectives.  In response to a question it was noted that the land could be acquired from within existing borrowing limits.

Councillors Smith and Strutton spoke under Rule 30 and made a number of comments including about the provision of family housing, the borrowing arrangements, the fact that housing was on the south side of the site rather than the canal side to the north and about the impacts on the transport network.  These points were responded to and considered.

The report included detailed appendices, which contained exempt information, that set out the financial and commercial implications, risks, a legal report and environmental report.  The Cabinet agreed to pass a resolution to exclude the press and public for part of the discussion to consider the exempt information.

(Between 7.42pm and 8.11pm the Cabinet meeting was held in Part II)

The Cabinet moved back into Part I to consider the recommendations, which were agreed.  In view of the timescale to complete the acquisition the Cabinet agreed to implement the decisions urgently which would mean it could only be called in for post-decision scrutiny.

Resolved –

(a)  That the acquisition of the Property be approved in line with the financial and legal terms set out in Confidential Appendix C (Part II Report – Financial, Commercial & Risk);

(b)  That delegated authority be given to the Executive Director of Place, following consultation with the Leader of the Council and the Executive Director of Corporate Services (Section 151 Officer), to agree the detailed terms of the acquisition and take any action ancillary to or necessary to achieve acquisition of the Property;

(c)  That delegated authority be given to the Executive Director of Place following consultation with the Executive Director of Corporate Services (Section 151 Officer) and the Leader of the Council (Lead Member for Regeneration & Strategy), to take any action, including appointing consultants, to review and investigate various development and financing options for the Property and report back to Cabinet within 6 months of the acquisition.

(d)  That delegated authority be given to the Executive Director of Place following consultation with Executive Director of Corporate Services to introduce the proposed Development Project Team, noting that the capital costs would include a budget to cover staffing costs for years 1-5 of the project as set out in sections 2.2 and 2.3 of Confidential Appendix C (Part II Report – Financial, Commercial & Risk).

(e)  That these decisions be implemented urgently.