121 Hornsey Depot
(Report of the Acting Director of Finance – To be introduced by the Executive Member for Finance):To report on the bid received for the Council land for a comprehensive development proposal by the nominated developer and seek approval for the terms of disposal. FAILED TO MEET DESPATCH DATE
Minutes:
Our Chair agreed to accept the report as urgent business. The report was late because of the need to complete necessary consultations. The report was too urgent to await the next meeting because of the importance for the regeneration of the area that a decision on the development of the site was expedited.
The report was the subject of a motion to exclude the press and public from the meeting as it contained exempt information relation to the business or financial affairs of any particular person (including the Authority holding that information).
RESOLVED:
1. That the following be noted -
· The revised offer from St James as at 10 October 2006 to purchase both the former Hornsey Central depot and Sainsbury’s site in conjunction with the Council’s revised affordable housing policy.
· The unsolicited offer from Galliards Homes in conjunction with the terms of the offer as an indication of what an open market disposal might achieve. This offer however would be adjusted downwards if access is required over St James’s access road at a cost required by St James.
2. That the Director of Finance be authorised to dispose of the former Hornsey Central Depot site
i. To St James Homes as the preferred purchaser for the sum offered in their revised offer as at 10 October 2006 or an improved offer subject to further negotiations on the terms of the Executive decision of 20 July 2004.
ii. On the open market jointly with Sainsbury’s subject to terms to be agreed for the best consideration reasonably obtainable subject to:
§ The Council objectives as outlined in 7.3 of the interleaved report and
§ Planning permission.
§ Final legal contractual details