To consider the Maidstone East redevelopment and the next steps in the delivery of the comprehensive development of the site and delegate authority to the Director of Infrastructure in consultation with the Cabinet Member for Corporate and Democratic Services, the Corporate Director for Finance and the Cabinet Member for Finance to finalise terms and enter into the necessary documentation to complete the transactions in line with the Councils Decision.
In July 2016 KCC and MBC entered into a Collaboration Agreement and jointly acquired a strategically located site at Maidstone East with the long term objective to assemble adjacent land and facilitate the viable delivery of a high quality “Gateway” development in line with pre-agreed objectives to primarily improve this part of the County Town.
The proposed Decision will consider the next steps in the delivery of a comprehensive development on the site. Following the completion of the due diligence the decision report will set out the options in relation to the next steps for consideration by the Leader, the Cabinet Member for Corporate and Democratic Services and the Cabinet Member for Finance following which a decision will be taken.
Decision type: Key
Reason Key: Expenditure or savings of more than £1m;
Decision status: For Determination
Notice of proposed decision first published: 03/09/2019
Anticipated restriction: Part exempt - View reasons
Explanation of anticipated restriction:
The purchase/sale consideration and other financial information of a commercially sensitive nature will be contained in a separate report, exempt from publication under paragraph 3 of Schedule 12a of the Local Government Act 1972
Decision due: Not before 2nd Oct 2019 by Cabinet Member for Corporate and Democratic Services
Reason: In order for the proposed decision to be published for a minimum of 28 days in accordance with statutory requirements
Lead member: Cabinet Member for Corporate and Democratic Services
Lead director: Rebecca Spore
Department: Strategic & Corporate Services
Contact: Simon Dodd, Investment and Development Consultant 03000 416976 Email: firstname.lastname@example.org.
The proposed decision will be considered at the Policy and Resources Cabinet Committee on 20 Septmber 2019.
Financial implications: There is a financial allocation in the Medium Term Financial Plan for a Property Investment Fund (PIF), which would be utilised to support the acquisition strategy. A holding strategy would be put in place to manage the properties in the short term. As per the Collaboration Agreement, it is clear that KCC are to take forward the most viable scheme possible and at a minimum, recoup their level of investment to date upon completion.
Legal implications: in order to de-risk the proposed acquisition in the context of the project and viability pressures, there are a number of conditions being imposed to mitigate these risks.
Equalities implications: N/A, although will be taken fully into account in the planning phase.