Decision details

PIONEER PARK - NEW BUSINESS WORKSPACE

Decision Maker: City Mayor (Individual Decision)

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To enter into a development agreement for the delivery of workspace development and the sale of land at Exploration Drive.

 

Decision:

(1)       Approve the total expenditure of £5m for delivery of a workspace scheme at Pioneer Park.

 

(2)       Approve an allocation of £1.723m towards the delivery of a workspace scheme. This is anticipated to be funded by £440k from earmarked receipts and £1.283m of prudential borrowing through the Corporate Estate as part of the Investment Strategy. 

 

(3)       Approve £40k to fund the revenue deficit in the first year of operation to be funded by savings within the scheme or surpluses expected to be generated in future years.

 

(4)       Approve entering into the formal contract for the delivery of the workspace scheme and associated land sale to Brackley Property Developments Limited.

Reasons for the decision:

To enable the delivery of a workspace scheme adjacent to Dock at Pioneer Park.

Alternative options:

Options for delivery considered included:

(a)       Not progress with the delivery of workspace

(b)       Land sale subject to planning

(c)        Procurement of architects and a contractor directly to deliver the workspace

(d)       Appoint a developer to design and build workspace to an agreed specification.

Publication date: 19/03/2019

Date of decision: 28/03/2019

Effective from: 05/04/2019

Accompanying Documents: