CAB19: Acquisition of Morston Assets Sites at the Nar Ouse Regention Area
Minutes:
RESOLVED: 1) That officers be instructed to undertake comprehensive due diligence of the Morston Assets sites including jointly commissioning with the Administrators, detailed site investigations to enable a full assessment of remediation and development costs of the sites.
2) That the conditional offers to the administrators for all of the Morston Assets sites as set out in paragraph 3.1 of the report be noted.
3) Subject to the results of the due diligence, delegated authority be granted to the Property Services Manager and Legal Services Manager in consultation with the Leader and Portfolio Holder for Regeneration, to submit revised firm offers to the Administrators to acquire part or all of the Morston Assets land holdings at the Nar Ouse Regeneration Area, subject to the total sum being equal to or less than the sums identified in the conditional offer.
4) That the Legal Services Manager be authorised to make and complete all necessary documents in relation to the acquisitions identified in this report.
5) That the costs of the site investigations to be met from the approved NORA capital budget.
ACQUISITION OF MORSTON ASSETS SITES AT THE NAR OUSE REGENERATION AREA
Minutes:
Councilor Beales presented a report which considered the acquisition of the sites from the Administrators of Morston Assets Ltd in order to facilitate the comprehensive redevelopment of the Nar Ouse site.
Councillor Beales informed Members of the different areas on the sites and the associated ownership. He drew attention to the fact that he felt it was in the wider public interest for the Council to acquire the sites, much of which needed remediation, which be unlikely to be carried out by the private sector.
The Chief Executive drew Members attention to the permitted uses of each area, and the potential to apply for LEP funding.
Members discussed the issue of valuations, testing and remediation required for the sites. It was noted that the investigatory work on the sites would be carried out independently so as not to invalidate the enforcement role of Council officers.
Under Standing Order 34, Councillor Mrs K Mellish addressed the Cabinet in support of the proposals seeking assurances that there were serious negotiations taking place. This assurance was given.
Attention was drawn to the minor change to recommendation 2 which the Panels had amended to “noting the conditional offers”. The Chief Executive also drew attention to the need to ensure there was sufficient authority to use the capital programme for the purposes set out.
RECOMMENDED: 1) That officers be instructed to undertake comprehensive due diligence of the Morston Assets sites including jointly commissioning with the Administrators, detailed site investigations to enable a full assessment of remediation and development costs of the sites.
2) That the conditional offers to the administrators for all of the Morston Assets sites as set out in paragraph 3.1 of the report be noted.
3) Subject to the results of the due diligence, delegated authority be granted to the Property Services Manager and Legal Services Manager in consultation with the Leader and Portfolio Holder for Regeneration, to submit revised firm offers to the Administrators to acquire part or all of the Morston Assets land holdings at the Nar Ouse Regeneration Area, subject to the total sum being equal to or less than the sums identified in the conditional offer.
4) That the Legal Services Manager be authorised to make and complete all necessary documents in relation to the acquisitions identified in this report.
5) That the costs of the site investigations to be met from the approved NORA capital budget.