Issue - meetings

To consider the report of the Cabinet Member for Regeneration and Economy seeking approval for the City Council to enter into an agreement (the equalisation agreement) with the Gloucestershire County Council dealing with how any receipts from the disposal of both authorities sites will be dealt with.

RESOLVED:

1.    Authority be delegated to the Property Manager in consultation with the Cabinet Member for Regeneration & Economy, to agree terms for an equalisation agreement between the Councils.

2.    Authority be delegated to the Property Manager to agree any ancillary documentation that the City Council’s Solicitor considers necessary or desirable to enable the transaction to proceed.

3.    The proceeds be distributed on the basis of the percentage of the area that each authority’s site bears to the total area of the combined sites. This has been calculated at 43.45% for the City Council and 56.55% for Gloucestershire County Council. However, this figure may change if either party adjusts the site areas available for development.

Cabinet considered report of the Cabinet Member for Regeneration and Economy (Councillor Paul James) which sought approval for the City Council to enter into an agreement (the equalisation agreement) with the Gloucestershire County Council dealing with how any receipts from the disposal of both authorities’ sites would be dealt with.

Councillor James outlined key areas of the report stating that this was an example of the different tiers of government working collaboratively together for a mutually beneficial result. He welcomed the ensuing redevelopment of the site that the agreement would facilitate, noting that it was vital the development be appropriate for the City’s residents.

Cabinet Members expressed support for the proposals noting that it was complex deal that demonstrated good negotiation skills.

RESOLVED:

1.    Authority be delegated to the Property Manager in consultation with the Cabinet Member for Regeneration & Economy, to agree terms for an equalisation agreement between the Councils.

2.    Authority be delegated to the Property Manager to agree any ancillary documentation that the City Council’s Solicitor considers necessary or desirable to enable the transaction to proceed.

3.    The proceeds be distributed on the basis of the percentage of the area that each authority’s site bears to the total area of the combined sites. This has been calculated at 43.45% for the City Council and 56.55% for Gloucestershire County Council. However, this figure may change if either party adjusts the site areas available for development.