Issue - meetings

Future High Street Fund - Property Acquisition

 

 

Meeting: 24/08/2021 - Cabinet (Item 10)

10 Future High Street Fund - Property Acquisition pdf icon PDF 162 KB

Minutes:

Background:

 

This report set out a proposal to acquire property in Chatham Town Centre using money from the Future High Street Fund (FHSF), which if approved, would utilise vacant brownfield sites in Chatham Town Centre and increase the provision of much needed residential and commercial space.

 

The report noted that the Chatham Future High Street Fund was part of the Council’s Capital Programme and that Full Council had added the full element of the Future High Street Fund, £9,497,720, to the Capital Programme on 18 February 2021.

 

The exempt appendix to the report set out the specific details of the proposed property acquisition. It was noted that the final decision would be dependent on the development of a sound business case.

 

Decision number:

Decision:

97/2021

 

The Cabinet agreed to delegate authority to the Director of Place and Deputy Chief Executive, in consultation with the Leader, Portfolio Holder for Resources, Portfolio Holder for Planning, Economic Growth and Regulation and Portfolio Holder for Inward Investment, Strategic Regeneration and Partnerships to:

 

i)     Acquire property in Chatham Town Centre, that is not yet in Medway’s ownership, as set out in Exempt Appendix 1, on the best terms reasonably obtainable, which will be subject to a detailed viability report.

 

ii)    Dispose of or let on the best terms reasonably obtainable, any property acquired or that has had works undertaken using FHSF money, to Medway Development Company or others to enable the sites to be developed, sold and / or let.

 

 

Reasons:

 

To facilitate the continued development and improvements within Chatham Town Centre.