Decision - Circus Street Development Site - Exempt Category 3

To consider a revised deal to achieve a financially viable redevelopment of the Circus Street site in light of prevailing market conditions.

Note:   It is likely that there will be a public Part 1 report and a restricted Part 2 report for this item listed on the agenda for the meeting.

            This item has been deferred at the request of the Director from 9th July Cabinet to 17th September Cabinet.

Note: This item has been deferred to the October Cabinet at the request of the Director.

Note: The report has been delayed to the November Cabinet to allow the developers further time to complete the financial analysis.

Note: This item is being deferred as following the submission by the developers of a further proposal relating to the amended offer, it is considered that there are further negotiations to be undertaken with the developers before officers are in a position to be able to recommend the proposals to Members

Note: The report has been deferred to allow further negotiations.

201.1    The Chair noted that the report detailed the financial information that related to the proposed development and moved the recommendations as listed in the report.

201.2    RESOLVED:

(1)         That the proposed revisions to the ‘Grow Brighton’ project at Circus Street as set out in paragraphs 3.4 to 3.8 of the report be noted; and

(2)         That the proposed heads of terms of a revised development agreement at Appendix 1 to the report be approved and the Head of Law be given delegated authority to complete the revised development agreement in consultation with the Cabinet Member for Planning, Employment, Economy and Regeneration and Strategic Director, Place.