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.