Content

1.    
That the selection of the landowning
partnership’s (City of Wolverhampton Council and Canal &
River Trust) development partner following the evaluation process
of best and final bids and in accordance with the final commercial
terms and recommendations of the appended Transaction Report be
acknowledged, endorsed, and approved.

 

2.    
That the Council enter
into an exclusivity period with the development partner on
the terms outlined in the report.

 

3.    
That the Council enter into a Collaboration
Agreement with Canal & River Trust.

 

4.    
That authority be delegated to the Deputy Leader:
Inclusive City Economy in consultation with the Chief Operating
Officer, s.151 Officer and Director of Regeneration to finalise all
necessary legal agreements to affect the land transaction based on
the terms outlined in the report.

 

5.    
That it be noted that ‘best and final’
bids were requested from shortlisted underbidders in accordance
with updated technical information, pre-application planning
advice. Legal and commercial assurance and advice received to date
has ensured a robust evaluation process has been undertaken to
satisfy s.123 of the Local Government Act 1972. 

 

6.    
That it be noted that the preferred bidder has been
agreed between the partners (City of Wolverhampton Council and
Canal & River Trust) following a detailed evaluation and
assessment process.  

 

7.    
That it be noted that the process undertaken has
enabled shortlisted underbidders to submit best and final offers
following the completion of site due diligence, intrusive
investigation, design development and planning feedback.
 

 

8.    
That it be noted that a draft development agreement
is in place that would enable expedited exchange and completion (on
a subject to planning basis only) thereby ensuring that adherence
to the original forecasted programme is maintained.  

 

9.    
That it be noted that Vacant Possession (VP) would
be provided in accordance with the timescale set out by the
developer following receipt of planning approval to enable the
implementation of development. This would require suspension of all
interim activities and uses for the site to enable this important
scheme to progress unimpeded.