Decision details

To set out one potential option for the future of land at Daedalus, and seek approval of the Executive to proceed with this option.

It is a Council priority to maintain and extend prosperity by working with others to continue to support and promote the economic vitality of the Borough.  And in support of this priority, the Council has committed to work with partners to deliver a thriving aviation-led employment area at the Solent Enterprise Zone at Daedalus, which is supported by a viable airfield.

A significant amount of investment has been made with the aim of regenerating Daedalus East, and unlocking the Waterfront parts of the site.  The development area at Daedalus West is the remaining aspect of the site which has received limited investment.  While Government support has been sought, funding has not been available nor does it appear likely in the foreseeable future.  Consequently, the prospects for Daedalus West are poor in the absence of a further significant tranche of investment at risk.

The paper sets out a proposal which enables the investment at Daedalus to take place, and at the same time provides the greatest prospects for securing the long term viability of the airfield. 

RESOLVED:

a)        That the Executive agrees in principle to pursuing the option outlined in the paper for the long term ownership and development of land at Daedalus.

b)        To agree the draft heads of terms, in Appendix A, as the basis of negotiation with the Homes and communities Agency;

c)         To delegate authority to the Director of Finance and Resources, in consultation with the Executive Leader, to

                 i.          finalise Heads of Terms and proceed to contract;

               ii.          agree terms for the transfer of ownership and any associated grant funding;

              iii.          agree terms with other parties for other funding sources associated with the proposal;

d)        To extend the terms of reference for the Daedalus Investment Member Working Group, to incorporate the potential land transfer project.