70 Bengal Street Feasibility Update
To receive and consider the report of the Director of Commercial Services.
Decision:
1. To acknowledge that a commitment to spend the awarded Brownfield Land Release funds needs to be made by the end of March 2022, therefore a report will be taken to Council on 25 January 2022 to approve these funds.
2. To acknowledge that the masterplan options and financial modelling for the development of the Bengal Street and National Grid sites are being updated. A report presenting the options will be taken to Informal Cabinet on 10 January 2022 and Executive Cabinet on 20 January 2022.
Minutes:
Councillor Alistair Bradley, Executive Member (Economic Development and Public Service Reform), presented the confidential report of the Director of Commercial Services which updates Members as to the progress of the potential development of the Bengal Street site.
Decision:
1. To acknowledge that a commitment to spend the awarded Brownfield Land Release funds needs to be made by the end of March 2022, therefore a report will be taken to Council on 25 January 2022 to approve these funds.
2. To acknowledge that the masterplan options and financial modelling for the development of the Bengal Street and National Grid sites are being updated. A report presenting the options will be taken to Informal Cabinet on 10 January 2022 and Executive Cabinet on 20 January 2022.
Reasons for recommendation(s):
1. To mitigate risk regards to Brownfield Land Release Funding.
2. To progress and bring forward the Bengal Street site for development.
Alternative options considered and rejected:
Not applicable.