The Cabinet Member with the Economy Portfolio introduced the report of the Chief Executive (previously circulated) requesting that consideration be given to the sale of approximately 11.28 acres (4.56 hectares) of land at Ingenium Parc, Darlington, shown hatched on the plan (also previously circulated), subject to the grant of planning permission for development.

The submitted report stated that the Council owned land at Ingenium Parc which was available for inward investment/industrial development subject to enabling infrastructure to open up the site; an enquiry had been received from a developer with an occupier identified to acquire a site; as part of their proposals they had indicated, that subject to planning permission they would build a road to access their site that would in turn open up more of the Council’s land; and the development of the site would generate circa 220 jobs and would boost the economic growth and business profile of the Borough.  The disposal of the land would only generate a modest capital receipt as the cost of the access road and associated infrastructure was significant and would need to be offset against the value of the land.

It was also reported that the enabling infrastructure work referred to would require the Council to repay Tees Valley Combined Authority 34 percent of any capital receipts received from the disposals of land at Ingenium Parc, up to a maximum of £1.6M.

RESOLVED – (a)  That the sale of approximately 11.28 acres (4.56 hectares) of land at Ingenium Parc, as shown on the plan appended to the submitted report,  be approved on the terms as set out in Appendix B of the submitted report.

(b)  That the Assistant Director of Economic Growth be authorised, in consultation with the Resources Portfolio Holder, to agree terms in line with those as detailed in Appendix B of the submitted report, and the Assistant Director for Law and Governance be authorised to document the sale of the property accordingly and associated matters.

(c)  That Tees Valley Combined Authority’s interest in the site be noted and the Assistant Director of Economic Growth be authorised to reimburse their portion of any receipt, accordingly.

REASONS – (a)  To achieve development of further plots and new income through business rates.

(b)  To assist business development and job creation in Darlington.