Oxpens Delivery Strategy
Decision Maker: City Executive Board (became Cabinet on 13 May 2019)
Decision status: Recommendations approved
Is Key decision?: Yes
Is subject to call in?: Yes
This report seeks agreement from the City Executive Board to ask Council to approve:
1. A £100K investment to Oxford West End Development Ltd to provide working capital on the terms contained within the shareholders agreement
2. An investment of £4million in Oxford West End Development Ltd to provide funds to the Company to purchase land owned by Oxford City Council
3. To provide a capital budget of £4million in the Council’s General Fund Capital Programme in 2017/18 funded from the Capital Receipt received from the sale of the land.
The Executive Director, Regeneration and Housing submitted a report (previously circulated, now appended) which detailed the proposed revised arrangements and budgetary implications for the Oxpens Delivery Strategy following the withdrawal of the private sector partner.
The Partnership and Regeneration Manager presented the report. She explained that the main difference in the revised proposals was that the Council would now create a wholly owned investment vehicle to acquire the land at Oxpens and then seek a joint venture partner through a competitive exercise.
The Board noted that recent Government announcements regarding proposed changes to planning legislation added a degree of urgency to the project.
The City Executive Board resolved to:
1. Note the contents of this report;
2. Delegate to the Executive Director Regeneration and Housing authority to agree terms for the acquisition of land at Oxpens (in consultation with the Chief Executive, s151 Officer and Monitoring Officer) subject to Council agreeing the recommendation set out at number 4 below;
3. Approve the creation of a wholly owned investment vehicle and the commencement of a competitive exercise to secure a joint venture partner to become a Member of such a vehicle; and
4. Recommend Council to resolve to approve the establishment of a capital budget of £8.4m to progress the project through the next stages.
Publication date: 19/10/2015
Date of decision: 15/10/2015
Decided at meeting: 15/10/2015 - City Executive Board (became Cabinet on 13 May 2019)
Effective from: 22/10/2015