To consider the next steps for Stratton Phase IV.

1.    That the termination of the existing Option Agreement, be approved.

2.    That the new revised Option Agreement, as per the outline Heads of Terms described in the report, be entered into.

3.    To authorise the Director of Community Services, in consultation with the Executive Member for Corporate Resources, to sign the Option Agreement and Heads of Terms.

The Executive considered a report from the Executive Member for Regeneration that outlined the latest position with Stratton Phase IV.  The Council and the contractor would work together to agree a solution to move forward in a timely manner with the development of the site, adjacent to the A1 in Biggleswade.  This would protect the Council’s position and deliver against Capital and National Non Domestic Rates (NNDR) targets as well as providing additional employment in the area.

The relevant Executive Members responded to questions regarding the value of the land and the assumption of the percentage of NNDR that would be retained by the Council. 

Reason for decision:  To enable the site to be brought forward under the best possible terms.

RESOLVED

1.         that the termination of the existing Option Agreement, be approved;

2.         that the new revised Option Agreement, as per the outline Heads of Terms described in the report, be entered into; and

3.         to authorise the Director of Community Services, in consultation with the Executive Member for Corporate Resources, to sign the Option Agreement and Heads of Terms.