Decision Maker: Cabinet

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: March 11, 2025

Purpose: Report on outcome of the marketing of the Woodlands site including delivery of Eastern Link Road and recommendations.

Content: This report was to advise on the results of the marketing phase of the Woodlands development in Aylesbury and provide recommendations on the next phase which included Shareholder agreement of the proposed developer, Heads of Terms agreed by BA in consultation with Buckinghamshire Council, terms agreed for the HIF funding agreement, nature of contract between BA and the developer and the funding agreement between the Council and the Developer for the HIF and LGF funding, and the potential orderly sale of BA to the Developer or its orderly winding up or its continuation as a business. It would also detail options through pre-emption to secure leisure funding and the opportunity to become directly involved in the delivery of the commercial elements of the scheme noting that both these pre-emption options would need to come back to Cabinet for a decision.   It should be noted that the report sought shareholder approval from the Council to proceed with the transaction with the Developer and BA based on the Heads of Terms contained in the confidential appendices.   The contract proposed by the Heads of Terms in the confidential appendices, would be a contract with conditions precedent. This would include land assembly which was enshrined in the promotion agreement that BA has secured from the landowners or were the subject of current negotiations.   If BA were unsuccessful in securing land, then the Council would most likely need to consider using its Compulsory Purchase powers. This would be the subject of a separate report to the Cabinet and was not being considered for the purposes of this report, but it should be noted that the Council had already taken the in-principal decision to pursue Compulsory Purchase Powers if needed to facilitate the development of the Woodlands site.   RESOLVED   1.      That shareholder approval for Buckinghamshire Advantage (BA) to proceed with the preferred bidder for the Woodlands development as per the Heads of Terms and marketing report in the confidential appendices (noting that the Directors of Buckinghamshire Advantage might make minor amendments) be agreed and that these will be communicated to the Service Director of Commercial Property and Regeneration and Cabinet Member for Accessible Housing and Resources.   2.      That shareholder approval for Buckinghamshire Advantage to finalise the condition precedent contract based on the Heads of Terms be agreed and to delegate Shareholder authority to the Director of Commercial Property and Regeneration, in consultation with the Cabinet Member for Accessible Housing, the s151 Officer, and the Shareholder Board, to exchange and complete on the contract.   3.      Subject to Homes England approval in relation to Housing Infrastructure Fund (HIF) and on the contract with the Developer becoming unconditional, to release £24.8 million in the Local Government Fund (LGF) and HIF funding to deliver the Eastern Link Road South and for Buckinghamshire Council to enter into a funding agreement with the Developer.   4.     That a further loan agreement to Buckinghamshire Advantage be arranged in accordance with the Confidential Appendices to enable the company to complete work to get to unconditional status on the contract, to be funded from the Revenue Contingency budget in 24-25.