Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: September 25, 2024

Purpose:

Content: Cabinet RESOLVED to;   2.1 Agree to enter into the following agreements to facilitate the regeneration of the town centre:   a) Deed of Release and Replacement of Guarantor in respect of the CPO Indemnity & Land Transfer Agreement (“ILTA”) releasing Hammerson UK Properties Limited as a guarantor and appointing Unibail-Rodamco TH B.V. as the replacement guarantor; and   b) 4th Supplemental Agreement to the ILTA in relation to general updating and introducing the revised remedy provisions.   2.2 Agree to delegate authority to the Corporate Director of Sustainable Communities, Regeneration and Economic Recovery to negotiate and enter into a Conditional Land Sale Agreement in relation to the freehold of the former Allders Car Park, the leasehold of the Whitgift Car Park, subsoil of a small area of land in Poplar Walk, subsoil of part of Dingwall Avenue, and possible ground anchor licences.   2.3 Agree to delegate authority to the Corporate Director of Sustainable Communities, Regeneration and Economic Recovery in consultation with Executive Mayor and Cabinet member. to finalise the terms of the above agreements (as set out in paragraphs 2.1 and 2.2) and take decisions pursuant to the above agreements once completed, including in relation to the implementation of the remedies