Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
1. Cabinet agreed to enter into a contractual Collaboration Agreement with Burghley Land Limited as set out in the Heads of Terms relating to land at Barnack Road, Stamford to bring forward the redevelopment of circa 35 acres of land for commercial, residential and retirement uses on a 50/50 shared development cost and profit basis.
2. Cabinet delegates to the Cabinet Member for Growth in consultation with the Director for Growth, the Chair of Companies Committee and the Monitoring Officer to sign and complete the contractual agreement required to implement the recommendation above, based on the approved Heads of Terms.
Reasons for decision:
1. The report of the Leader of the Council on the entering into a contractual Collaboration Agreement with Burghley Land Limited as set out in the Heads of Terms relating to land at Barnack Road, Stamford
2. The Council purchased land at Barnack Road, Stamford in March 2019 which adjoins approx. 20 acres of farm land owned by Burghley Land Limited (Burghley), a wholly owned subsidiary of Burghley House Preservation Trust. The land was purchased by the Council as being strategically important to the Council’s growth ambitions in Stamford and the Cabinet Minute PD0095 refers.
3. The Council would be instrumental in bringing forward large-scale commercial, residential and retirement regeneration for the benefit of the Town and District with a reduced budget risk, whilst sharing control, planning and development risk and reward.
4. The Companies Committee will be asked to consider the proposal in detail on 4 February 2020.
Other options considered and rejected:
Option 1 : Bring forward development or dispose of the Council site in isolation. Capital would be required to upgrade and partition both the offices and industrial units which is not economically viable over the short to medium term. The viability of a fully commercial scheme was also considered to be very difficult with rents and land rates being challenging, plus the cost of holding the scheme over a protracted period.
Option 3 : An interest in the project is granted to DeliverSK (dSK). This his is not currently possible as dSK is not yet incorporated as a company.
(Option 2 of the report is the preferred option)
Publication date: 22/01/2020
Date of decision: 21/01/2020
Decided at meeting: 21/01/2020 - Cabinet