Report from the Strategic Director for Regeneration and Environment.
2. Notes the cost of the proposed redevelopment of the site and the sources of funding currently available (as set out in Appendix 1).
3. Approves the proposed use of the Town Centre Investment Fund to ensure sufficient funding is in place for the redevelopment of the site in the event that a private sector development partner is not found and/or further external funding is not secured.
Consideration was given to the report which provided an update to Cabinet on progress of the Compulsory Purchase Order for 3-7 Corporation Street (comprising of two derelict, fire damaged buildings, formerly a nightclub/bar and a restaurant) and confirmed the Council’s commitment to the redevelopment of the site following acquisition.
The recommendations were then proposed.
It was confirmed that the Council was a step closer to achieving its aims and that ultimately looking for a private developer but should that fail, the Council would have plans in place for the development to still go ahead. It was a key gateway site in the Town Centre and aligned with the Master Plan.
Resolved: That Cabinet: