Issue - meetings

Received a report from the Chief Executive concerning proposals to establish a mixed use development consisting of commercial and residential units in the area between London Road, East Street and North Street.

Agreed, in order to assist the Council to achieve all of its Community Priorities to:

  (i)  the Council’s parameters on the London Road / North Street site for the redevelopment of up to 6,500 sqm (gross) of commercial floorspace, up to 150 units of housing (subject to financial viability), the provision of a permanent public square to accommodate the Market and the creation of better pedestrian linkages for the area;

  (ii)  Authorise the publishing of a Contract Notice in the Official Journal of the European Union (OJEU) calling for expressions of interest from developers regarding the regeneration of the mixed use development on London Road / North Street;

  (iii)  Authorise the use of the Council’s Compulsory Purchase Order making powers pursuant to Section 226 of the Town and Country Planning Act 1990 (as amended) for the acquisition of any outstanding freehold and leasehold interests from the properties outlined in the report, for the purposes of securing the site for redevelopment;

  (iv)  the principle of the delivery of an element of housing subject to financial viability of this component;

  (v)  the principle that a portion of the costs associated with works to the Methodist Church be funded, in due course, from any capital receipt received from the commercial development;

  (vi)  Note that a further report will be made, in due course, with regard to any capital receipt arising from the commercial development; and

  (vii)  Note the net loss :-

a).  General Fund revenue income to the council of £80,000 in a full year from loss of car parking income arising from the proposals and agree that these reductions are reflected in the medium term financial strategy and the relevant service budgets.

b).  HRA revenue income of £68,000 from shops on North Street / London Rd in a full year arising from these proposals and agree that these reductions are reflected in the HRA medium term Business Plan and the relevant HRA service budgets.