Content

1.    
That the disposal of Smithgate
Phase 1 at an undervalue in accordance with Section 123 of the
Local Government Act 1972 and Circular 06/03: Local Government Act 1972 and
the General Disposal Consent (England) 2003 set out in the Best Consideration report
attached at Appendix 1 to the report be approved.

 

2.    
That the Council enter into the Direct Agreement,
Phase Lease and all necessary ancillary agreements in relation to
Phase 1 as detailed in section 6 of the report.

 

3.    
That the Council provide a Subsidy pursuant to the
Subsidy Control Act 2022 in respect to the land disposal as
detailed in section 6 of the report.

 

4.    
That Phase 1 site within the Smithgate development
be declared as surplus to requirements.

 

5.    
That it be noted, the land
disposal of Phase 1 is in accordance with the Development
Agreement, Direct Agreement and Option Agreement all dated 1 August
2024.

 

6.    
That it be noted, the disposal of
Smithgate Phase 1 land is necessary to allow the Phase 1 delivery
as the new development would contribute to the economic, social and
environmental well-being of the area.