Decision details

To update the Executive on progress made to secure the transfer of land at Daedalus, and seek approval to complete the acquisition.

On 6^th October, the Executive considered one option for the future ownership of land at Daedalus.  Recognising the importance of the Daedalus site to prosperity and economic vitality of the Borough, the Executive agreed in principle to pursue the acquisition of the land at Daedalus which comprised the airfield and East/West Enterprise Zone development areas.  The Waterfront was not included in the transfer proposal.

Officers have continued discussions with the current landowner, and the Solent LEP, to progress the potential land transfer.  At the same time, approvals to proceed with the transfer and investment proposal have been sought by the HCA and Solent LEP.

The report outlines revised Heads of Terms which have been agreed in light of the approvals obtained, which (if supported) would enable transfer to be concluded in the spring 2015. Assuming that this is concluded, a capital and revenue budget will be required, as set out in the paper.

RESOLVED that the Executive:-

(a)  supports the revised terms of the transfer, enabling the Director of Finance and Resources to conclude the arrangements for the transfer of ownership;

(b)  notes the financial arrangements and next steps, as set out in the report; and

(c)  approves the establishment of a revenue and capital budget as shown in appendix B.