Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: September 17, 2024

Purpose:

Content: RESOLVED: Cabinet; a)    Approved the acquisition of the Corn Exchange b)    Recommended to Council the establishment of a capital budget of the value set out in the private appendix for the acquisition and delegates authority to the Director of Communities and Opportunities, in consultation with the Chief Finance Officer and Monitoring Officer, to finalise the purchase subject to Council approval.   REASONS RESOLVED: a)    unlock the Greyfriars site by creating a new north-south connection and direct link from the Greyfriars site to the Market Square and town centre enabling the delivery of 1000+ new high quality homes, new leisure and cultural facilities alongside extensive public realm and a new town park. b)    enable the regeneration of a prominent derelict building into a multi-purpose cultural venue that supports activities at Greyfriars and on the Market Square. c)     support the economic and social wellbeing of West Northamptonshire. d)    allow for the redevelopment of the Corn Exchange to act as a catalyst for the wider regeneration of the Greyfriars sites leveraging private sector investment.   ALTERNATIVE OPTIONS: The council could decide not to purchase at this time and if it the property was then acquired by a third party and land banked and continues to sit derelict then it could decide to compulsory purchase in the future. The compulsory purchase process from making the order to the Secretary of State could take in the region of 12 to 24 months and would also bear significant cost to the council to take it through the judicial process.