CABINET THURSDAY 27 NOVEMBER 2014 REPORT OF THE PORTFOLIO

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Thursday, 27 November 2014




REPORT OF THE Portfolio Holder for Economy and Education



Golf Course - Disposal of Asset




EXEMPT INFORMATION




PURPOSE

To set out the disposal methodology of the former golf course site and to agree in principle the main heads of terms and content of the section 106 agreement that will become part of the sale contract.



RECOMMENDATIONS

It is recommended that Cabinet approve:-


  1. The use of the Home & Communities Agency’s framework agreement (subject to mini competition) to appoint specialist sales and marketing agents to act on the Councils behalf.


  1. The draft heads of terms attached at appendix one, including the land to be retained within the Councils ownership (plan identified in appendix two)


  1. The draft terms that will become part of the section 106 agreement attached at appendix three, noting that the conditions of sale require the purchaser to sign a s106 agreement based on these terms and finalised through the planning application process


  1. Delegated authority to the Chief Executive, Directors of Assets & Environment/Communities, Planning & Partnerships and Solicitor to the Council in consultation with the Leader and Portfolio Holder to approve all final sale documentation.


  1. Delegated authority to the Chief Executive, Directors of Assets & Environment/Communities, Planning & Partnerships/Finance and Solicitor to the Council in consultation with the Leader and Portfolio Holder to accept the most financially advantageous offer for the asset


  1. the capital receipt be allocated to Capital receipts and held for either future regeneration or invest to save projects, as set out in the Cabinet report 20/02/14





EXECUTIVE SUMMARY

At Cabinet of the 23/01/14 members considered the options appraisal completed for the future of Tamworth Golf Course, and recommended the course was used to undertake housing regeneration, and after planning permission was granted, disposal of the asset to realise this ambition.


A further report to Cabinet on the 20/02/14 approved the finances to progress the project and approved the recruitment of technical specialists. The Cabinet meeting on the 03/04/14 approved the recommended approach for disposal of the site through an unconditional sale following outline planning consent being secured.


This report deals with the disposal process of the asset, the draft heads of terms that will form part of the sale contract, and the contents of a section 106 agreement.


To provide support and expertise in the sale and marketing of the asset it is proposed to use specialists from the Homes & Community Agency panel.


Legal support for the sale process is being provided by specialists from Birmingham City Council using the existing mutual support agreement in place with our legal services.


The heads of terms and section 106 agreement attached as appendices to this report are currently being refined in both scope and content, and to provide robust governance to any amendments it is suggested the group identified in recommendation 4 be set up to oversee and approve any necessary amendments.


The potential capital receipt is difficult to estimate and will be affected by a variety of external factors including market conditions and the requirements for infrastructure provision and other planning requirements such as affordable housing provision.





OPTIONS CONSIDERED

None as this report only concerns implementation of the selected disposal method.

Cabinet have previously approved the approach to the sale on 03/04/14 based on the options presented in that report.



RESOURCE IMPLICATIONS

None directly arising from this report, however the disposal will generate a substantial capital receipt


LEGAL/RISK IMPLICATIONS BACKGROUND

The project documentation includes project and legal risk registers which seek to mitigate identified risks.



SUSTAINABILITY IMPLICATIONS

The disposal of this asset will allow significant housing regeneration with Tamworth, thus contributing to all corporate objectives.



BACKGROUND INFORMATION

Cabinet report 23/01/14

Cabinet Report 20/02/14

Cabinet report 03/04/14






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