Purpose

The report sought approval for the Council to acquire land in order to progress delivery of high-quality employment floorspace and highly skilled jobs, critical to the Council's Inclusive Growth Strategy.

Decision

RESOLVED

(i)                That Approval be given to the acquisition of land shown edged green at Appendix 3 and in accordance with the Heads of Terms at Appendix 1, subject to the Conditions set out therein.

(ii)              That Approval be given to the Council investment as set out at table 1, section 3.2 of the report, noting that the sum may reduce if GMCA subsequently approves 50% repayable loan funding towards all the related costs of the acquisition.

(iii)            That Approval be given to the Heads of Terms at Appendix 2 for proposed partnership working arrangements for the delivery of development of the land, with authority delegated to the Council’s Director of Strategic Growth, S.151 and Monitoring officers to finalise and enter into the final form of partnership agreement(s).

(iv)            That Approval be given to the addition of this acquisition to the 2026/27 Capital Programme.  The acquisition is to be financed by the investment included within the   Capital Strategy (2026/27 to 2030/31) that was appended to the 2026/27 Council Budget Report (appendix 10) and approved on 2 March 2026.  There is also a requirement to bring forward the related investment from later years of the 5-year Capital Strategy.