Decision details

Decision to approve funds to progress the market redevelopment project.

1.         To purchase the freehold interests in 11 & 15 Horsefair Street on terms agreed.

2.         The City Barrister & Head of Standards be authorised to prepare and execute all necessary documentation required for the purchase of the properties.

3.         The Director of Estates & Building Services be given delegated authority to agree the detailed terms of the purchase.

4.         A sum of £500k be approved as a provision for the demolition of 15 Horsefair Street and subsequent public realm works.

5.         £600k is funded from prudential borrowing via the Investment Property Fund and £1.045m from resources set aside for the Economic Action Plan (including provision for the demolition of 15 Horsefair Street and public realm works).

This report is marked “Not for Publication” because it contains exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 as amended: i.e. “Information relating to the financial or business affairs of any particular person (including the Authority holding that information)”

Due to the urgent need to complete the purchase of the property on 24 November 2017 and under the provisions contained in procedure Rule 12d of Part 4d of the Council’s Constitution the City Mayor has indicated that no call-in of this matter can be made. The Chair of the Overview Select Committee has been informed of this prior to publication.

1.         To enable the acquisition of property required to create an improved pedestrian link between Town Hall Square and Market Place South.

2.         To acquire an investment property as an income producing asset to the Council.

None applicable.