Issue - meetings

Report of the Head of Economic Development and Estates

Summary

To update the Executive on progress made on the scheme, and to consider the request that the Developer be granted a further Exclusivity Agreement          

Recommendations

The Executive is recommended:

(1)       To note the changes being made to the ownership of Town Centre Retail (Bicester) Ltd, (TCR) the Council’s development partner.

(2)       To approve the grant of an Exclusivity Agreement to TCR for a period expiring on 31.12.09.

Agreed

The Head of Economic Development and Estates submitted a report to update the Executive on progress made on the Bicester Town Centre Redevelopment scheme, and to consider the request that the Developer be granted a further Exclusivity Agreement.  The Executive noted that the work would start in 2009 and end in 2011 and would provide a net increase of 760 jobs.       

Resolved

(1)   That the changes being made to the ownership of Town Centre Retail (Bicester) Ltd,  the Council’s development partner be noted.

(2)   That the grant of an Exclusivity Agreement to Town Centre Retail (Bicester) Ltd, for a period expiring on 31 December 2009 be approved.

Reasons – Town Centre Retail has already invested substantial sums in professional fees and in acquiring properties affected by the scheme, but currently no formal development agreement exists.  As further expenditure is required to take these proposals forward, it is appropriate to grant the developer a further period of Exclusivity.  The alternative would be to delay progress until a formal Development Agreement has been completed, and this is likely to take some months.