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RESOLVED: that
Cabinet:
a)   
Subject to robust financial and other due diligence
having been carried out in respect of Bidder 1 approved the
selection of Bidder 1 as the preferred development partner for Four
Waterside and Marefair having considered the detail set out within
this report and exempt Appendix A.
b)   
Noted the use of £1.5m of Towns Fund and
£7m of Enterprise Zone grant funding that will be used for
the delivery of this scheme.
c)   
Delegated authority to the Director of Communities
and Opportunities in consultation with the Executive Director for
Finance, Director of Legal and Democratic and Cabinet Member for
Economic Development, Town Centre Regeneration and Growth and
Cabinet Member for Finance to negotiate and conclude the terms of
and enter into, the Development Agreement and associated documents
with the preferred bidder, in accordance with the Final Tender.
This includes engaging with the preferred bidder to confirm
financial commitments and other commercial terms through the
finalisation of the Development Agreement and associated documents
in accordance with the Final Tender and detailed Heads of Terms
contained within it.
d)   
Approved the recommendations set out in the Exempt
Appendix A.
 
REASONS RESOLVED:
·        
The recommendations are being made so the
regeneration of Four Waterside and Marefair can progress. The
delivery of Four Waterside and Marefair will have significant
placemaking benefits and act as a catalyst project through
establishing new values. The development will provide a new
high-quality mixed-use neighbourhood on a key strategic site within
Northampton town centre. The site is currently a vacant brownfield
site which is an eyesore within the town centre, and given its key
strategic location, the development has the potential to have a
transformational impact upon Northampton town centre and
beyond.
·        
Four Waterside and Marefair aligns strongly with the
objectives of the West Northamptonshire Joint Core Strategy,
Northampton Local Plan Part 2, and the Council’s Corporate
Priorities to secure the delivery of a range of housing in
sustainable locations to ensure all residents have access to a home
that they can afford and that meets their needs. 4.3 The
recommendations are being made following a compliant procurement
process via the Pagabo Framework and the subsequent evaluation of
final tenders by both bidders. The submissions were evaluated and
approved by the evaluation panel which was made up of the Head of
Major Projects and Regeneration (moderator), Regeneration Manager
(evaluator), Principal Regeneration Programmes Officer (evaluator),
Partner at Cushman and Wakefield (evaluator) and Partner at
Faulkner Brown Architects (evaluator) with support from West
Northamptonshire’s Procurement Team and appointed Legal
Advisors Trowers and Hamlins.
 
ALTERNATIVE ACTIONS:
Cabinet could decide not to
approve the recommendation, but this would lead to the Council
having to cease the current procurement process and either commence
a new procurement process or opt not to proceed with this form of
regeneration scheme. These routes are not recommended as they would
undermine the Council’s ability to deliver the objectives of
the regeneration of Northampton town centre.