Agenda item

Ingenium Parc - Acquisition and Land Agreement

Minutes:

The Cabinet Member with the Efficiency and Resources Portfolio introduced the report of the Director of Economic Growth and Neighbourhood Services (previously circulated) requesting that consideration be given to the terms broadly agreed (subject to detail) for the acquisition of land as shown on the plan (also previously circulated), required for the Ingenium Parc access road including an option agreement for the disposal of land in phase 1 of Ingenium Parc; authorising future disposals of development plots on Ingenium Parc; and delegating authority to the Director of Economic Growth and Neighbourhood Services to market and negotiate sales terms as appropriate once the site is opened up and serviced.

 

The submitted report outlined the background to the proposals; the proposed terms; and the financial and legal implications.

 

RESOLVED – (a)  That the acquisition of 915sqm of land from Cummins, as shown on the plan appended to the submitted report, be approved.

 

(b)  That the grant of an option to Cummins to purchase land in phase 1 of Ingenium Parc, be approved.

 

(c)  That authority be delegated to the Director of Economic Growth and Neighbourhood Services to negotiate and finalise the terms of the acquisition and the option, in line with the terms as set out in the submitted report.

 

(d)  That authority be delegated to the Director of Economic Growth and Neighbourhood Services to market and dispose of plots at Ingenium Parc at open market value, including the sale to Cummins if they exercise the option, with terms agreed being reported to future Cabinet meetings.

 

(e)  That the Assistant Director - Law and Governance be authorised to complete all necessary documentation.

 

REASONS – (a)  To facilitate the creation of a suitable access road to open up Ingenium Parc for development.

 

(b)  To promote economic growth through the sale of employment land with the potential to create over 2000 jobs.

 

(c)  Positive addition to our inward investment sites portfolio.

 

Supporting documents: