Decision

RESOLVED that:-

(a )     Cabinet approve the following in respect of site acquisitions and required funding:

i)        that the Council complete the acquisition of the Wansbeck Square site with vacant possession, as previously agreed in principle, at a market value of £1,365,000, plus Stamp Duty Land Tax.

ii)        that the Council complete the acquisition of the Woodhorn Road site with vacant possession, as previously agreed in principle, at a market value of £210,000 plus Stamp Duty Land Tax.

iii)       that the Council approves an allocation of up to £160,000 of revenue funding from the Council’s Regeneration Reserve Development Fund to pay for the holding costs which will be incurred, following acquisition of the Wansbeck Square and Woodhorn Road sites as set out in Section 6 of the report;

(b )     Cabinet note that following a competitive tender process, Identity Consult has been appointed as the Design Team to take forward ambitious plans for the redevelopment of Wansbeck Square and progress the designs for the Public Realm and Connectivity project, which will enable the creation of Grand Corner Gateway; and

(c )     Cabinet approve the development of a high-level business case to the North of Tyne Combined Authority in order to secure funding from the Northumberland Line Economic Corridor Investment Fund for the redevelopment of Wansbeck Square, with approval of the final bid submission delegated to the Council’s S151 Officer. The Accountable Body will monitor the use of funding subsequently awarded and ensure adherence to the Grant Agreement.