Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: December 10, 2025

Purpose:

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.