(1) To package together the three Council owned sites on the periphery of Larkhall Park, known as the Larkhall Park Opportunity sites (as set out in Appendix 1) as a single development opportunity with the Council retaining the freehold of all sites, and leasehold terms to be secured in a Development Agreement.
(2) To publish the procurement opportunity in the Official Journal of the European Union (OJEU)
(3) To agree that a Restricted Procedure is undertaken with the Development Agreement, included as part of the Invite to Tender (ITT) documents, which will be agreed under delegated authority by the Strategic Director Neighbourhoods and Growth.
(4) To agree that the final proportion of affordable housing within the scheme should be policy compliant i.e. 50% under a condition of grant funding or equivalent.
(5) To use a percentage of the development’s income (capital and/or revenue) for an improved maintenance and investment regime for Larkhall Park open space, and that this income, index-linked against inflation, be in place as a ‘long-term’ commitment.
(6) To allocate £50,000 from the Capital Feasibility Fund (Capital Reserve) to support the Investment and Growth team to manage the project through procurement up to the point that the Development Agreement goes unconditional, and for this money to be recovered from the residual value of the scheme.
(7) To note the figures as set out in Part II of this report.