Minutes:
The Executive was informed that, following the acquisition of the Mall in 2016, the Council had reviewed the options for taking forward proposals for the London Road Block.
Members were reminded that, at the Executive meeting on 22 October 2013, authority had been granted to the Chief Executive to proceed with a Development Agreement and all associated documentation to deliver the project. At this time, £500,000 had been agreed to be funded out of the capital reserve, for the fees associated with advising the Council on the negotiations of any joint venture arrangement.
The funding had been returned to reserves on the advice of external audit, whilst the project was on hold during the acquisition of the Mall. Members were informed that, following advice from the Council’s advisors, Montagu Evans, the costs were expected to be in the region of £600,000.
Members also considered draft sketches of the site, which were purely indicative concepts on which feasibility work had been based, and provided feedback which would be used to inform the development of the proposals.
RECOMMENDED to Full Council that the budget of £600,000 from the Capital Revenue Reserve be reinstated in order to fund professional fees in relation to the proposed redevelopment of the London Road Block.