Northminster Redevelopment – FEB20/CMDN/82
Decision Maker: Cabinet Member for Finance
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The Cabinet Member:
1. Supported collaboration between the Council and the Peterborough Investment Partnership to take forward the regeneration of council-owned land assets at Northminster, as discussed within this report.
2. Approved the Council providing the Peterborough Investment Partnership with an option agreement to draw down the land at Northminster, as required to facilitate development,
3. Delegated to the Executive Director for Place and Economy and the Director of Law and Governance authority to finalise and agree the necessary legal and related documents needed to execute the recommendations above and the approach outlined in the report.
4. Delegated authority to the Corporate Director Resources for transferring the freehold interests of Council owned assets at Northminster to P.I.P (Fletton Quays) Limited.
Reasons for the decision:
Inviting the PIP to develop a viable concept scheme through to outline planning stage and secure an investment partner or partners. Will allow the Council to retain a greater degree of control over the future development of this important area of the city centre through its part-ownership of PIP, offers a return for its land value with exposure to profit, and will allow the PIP to engage with private developers who can bring the necessary investment to ensure a high quality scheme that will meet the Council’s overall objectives.
Alternative options considered:
1. Do Nothing and leave the area left by the demolished car park as a surface car park next to the Market.
This would leave the area abandoned with a failing Market and is not a viable course of action.
2. Take on the development of the area directly using prudential borrowing to create a council financed scheme for Northminster.
This is not a feasible option for the Council to pursue given the resource pressures it is currently facing and the shortage of in-house skills and expertise in large scale urban regeneration work.
3. Sell the site on the open market to the highest bidder.
This is viable but would see the Council lose control of its assets and the shape of future regeneration in the area
Interests and Nature of Interests Declared:
This decision would normally be taken by Councillor Peter Hiller as Cabinet Member for Strategic Planning and Commercial Strategy and Investment, in consultation with Councillor John Holdich as Leader of the Council and Deputy Mayor of the Cambridgeshire and Peterborough Combined Authority. However, both Councillors are unable to take this decision as they have declared conflicts as non-executive directors on the Board of the Peterborough Investment Partnership.
Publication date: 18/02/2020
Date of decision: 18/02/2020
Effective from: 22/02/2020