The Executive Director (Development) has submitted a report to seek delegated authority for a designated officer to spend additional budget for the regeneration of 38-40 George Street, if the parameters included in the report are met.

Cabinet is recommended to:

1.       Delegate authority to the Head of Corporate Property, in consultation with the Council’s Section 151 Officer; the Head of Law and Governance; and the Cabinet Member for Finance and Asset Management, to agree the final scheme submitted in any planning application and authorise spend up to the maximum budget if parameters set out are met, and enter into any property agreements required in connection with 38-40 George Street (see Confidential Appendix 1 for more details).

The Executive Director (Development) had submitted a report to seek delegated authority for a designated officer to spend additional budget for the regeneration of 38-40 George Street, if the parameters included in the report are met.

Councillor Ed Turner, Cabinet Member for Finance and Asset Management, outlined that the project would involve the regeneration of the Council asset at 38-40 George Street into an aparthotel, helping to relieve some of the pressure on the city’s short stay housing market.  It would also provide a new community space, with involvement from local groups and the community in its development.  Work was currently underway to produce a more refined proposal for the scheme which would be acceptable in planning terms.  The report before Cabinet sought to provide a financial envelope as the scheme was still in development; however, there was a need to ensure that the budget was in place.  Councillor Turner clarified that Cabinet’s approval was only sought with regard to authority to spend within the financial envelope, as the development of any scheme would be subject to the appropriate planning approvals.

Cabinet resolved to:

1.       Delegate authority to the Head of Corporate Property, in consultation with the Council’s Section 151 Officer; the Head of Law and Governance; and the Cabinet Member for Finance and Asset Management, to agree the final scheme submitted in any planning application and authorise spend up to the maximum budget if parameters set out are met and enter into any property agreements required in connection with 38-40 George Street (see Confidential Appendix 1 for more details).