Decision details

Cabinet received a report to consider the outcomes of the review of the options for delivery of the Riverside Opportunity Area and to agree the way forward.

Cabinet considered the report and RESOLVED to:

1.                  Agree that the South Bank Opportunity Area (SBOA) is renamed as the Riverside Opportunity Area (ROA).

2.                  Agree that the embankment and areas north of the river and Pleasure Fair Meadows car park are included within the ROA as shown in the plan at Appendix 1.

3.                  Agree the proposed delivery strategy for ROA and the outline scope of development as detailed in the report.

4.                  Delegate authority to the Head of Growth & Regeneration in consultation with the Leader of the Council and Cabinet Member for Growth, Strategic Planning, Economic Development, Business Engagement and Environment Capital, the Executive Director Strategic Resources and the Solicitor to the Council to procure a joint venture partner(s) to participate in a corporate joint venture with the council for the delivery of parts of the ROA including but not limited to Fletton Quays.

5.                  Delegate authority to the Head of Growth & Regeneration in consultation with the Leader of the Council and Cabinet Member for Growth, Strategic Planning, Economic Development, Business Engagement and Environment Capital, the Executive Director Strategic Resources and the Solicitor to the Council to negotiate with the freeholders to acquire land and assets necessary to support the successful development of the ROA up to a limit of £3m, subject to due diligence and a viable business case; to be funded through:

a.      Up to £1m through the existing corporate Invest To Save budget in this financial year, for those assets where a clear Invest To Save business case can be demonstrated; and

b.      Up to £2m for other assets, for which Cabinet is asked to support a growth bid for the FY13/14 budget process.

6.                  Support a growth bid in FY13/14 for £600k to cover the procurement and establishment of the Joint Venture.

The recommendations are made to enable the delivery of regeneration on the South Bank area of Peterborough, now to be extended known as the Riverside Opportunity Area. It is considered that without these steps it will not be possible to deliver timely and comprehensive regeneration on this key city centre site.

The alternative options are considered in the report at Appendix 2 and the reasons that these alternatives are not being taken forward are given.