Purpose

To consider the disposal and redevelopment of
industrial units at Joule Road to support the Community Furniture
Project.

Decision

1.         
Approve in principle the disposal of council owned land at Joule
Road Industrial Estate as shown in appendix 1 to the Greenham Trust
(GT) for a consideration less than the best that can reasonably be
obtained pursuant to section 123 (2) and the Local Government Act
1972: General Disposal Consent 2003 upon the basis that the
disposal is likely to contribute to the improvement of the
economic, social and environmental wellbeing of the area and its
residents by facilitating the delivery of new improved premises by
GT for the Community Furniture Project (CFP) subject to:

 
a)        
the undervalue being £2m or less under the terms of the
General Disposal Consent
b)        
agreement of head of terms
c)        
s123 valuation report
d)        
the amount of the undervalue being notified in accordance with the
Subsidy Control Act
 
2.         
Delegate authority to the Director of Regeneration, in consultation
with the Portfolio Holder, to:
 
a)        
finalise heads of terms for the disposal of the site
b)        
enter into a contract for sale of the site to GT on terms requiring
the deferred payment of the difference between the price and the
open market value in the event that the council’s objectives
(on the basis of which the undervalue disposal is made) are not
achieved
c)        
set out the justification for the award of the subsidy equivalent
the amount of the undervalue under the Subsidy Control Act and
complete the appropriate notification and to receive advice on
whether any discounted rent is a subsidy and if so, consider
appropriate notification or exemptions
d)        
do anything that is conducive to the delivery of the social and
economic wellbeing benefits of the land disposal