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(i)              
That the progress made to date by Capital&Centric on the Ryecroft project in
Newcastle Town
Centre, be noted.
 
(ii)             
That it be recommend that Council:
 

a.              
Approve expenditure of up to (£34,444,256 or
£33,131,668 minus
costs
already approved) to complete the Ryecroft scheme to practical completion in
readiness for occupation;
 
b.              
Authorise the Deputy Chief Executive, in
consultation with the
Portfolio
Holder for Finance, Town Centres and Growth, and Portfolio Holder
for One Council, People and Partnerships to progress legal
agreements, subject to planning approval, to enable the appointment
of Capital&Centric under a
Development Services Agreements (DSA) for the development of the
scheme through a direct award under the Pagabo Development
Management Framework;

c.              
Authorise the Deputy Chief Executive, in
consultation with the

Portfolio Holder for Finance, Town Centres and
Growth, and Portfolio Holder for One Council, People and
Partnerships to progress the legal agreement for the ‘buy
back’ of the schemes by Capital&Centric upon completion of the
developments.
 
d.             
Authorise the Deputy Chief Executive, in
consultation with the Portfolio Holder for Finance, Town Centres
and Growth to progress legal agreements to enable the sale of a
portion of the Ryecroft site to Aspire
Housing for their development on the site which they will be
undertaking directly with Capital&Centric.
 

e.             
Authorise the Deputy Chief Executive, in
consultation with the Portfolio Holder for Finance, Town Centres
and Growth to progress the legal agreements with Homes England to
accept a grant as a subsidy for the development and become the
accountable body for the grant, subject to Homes England approving
the grant.