Issue details

Oxpens Delivery Strategy

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.

 

Decision type: Key

Reason Key: Expenditure, income or savings of £500,000 or greater;

Decision status: Recommendations Approved

Wards affected: Carfax;

Notice of proposed decision first published: 30/09/2015

Reason for urgency:
A decision is required to ensure timely progress. This process and timetable is being driven by central government and the Council needs to move swiftly.
The Chairman of the Overview and Scrutiny Committee has been notified.

Anticipated restriction: Part exempt  - View reasons

Explanation of anticipated restriction:
commercially sensitive

Scrutiny Responsibility: Scrutiny Committee;

Decision due: 14 Jan 2016 by City Executive Board (became Cabinet on 13 May 2019)

Lead member: Planning, Transport and Regulatory Services

Lead director: Executive Director for Regeneration and Housing

Contact: Fiona Piercy, Interim Assistant Chief Executive, Regeneration and Economy Email: fpiercy@oxford.gov.uk Tel: 01865 252185.

Consultation process

None

Decisions

Agenda items