Stockton-on-Tees Borough Council

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View Cabinet Decision Record

Cabinet Decision: 7th September 2006
Title of Item/Report
Billingham Town Centre - Regeneration
Record of the Decision
Cabinet considered an update report on Billingham Town Centre Regeneration.

Members were reminded that the Council had submitted a bid to try to secure MARS Pension Fund's leashold interest in Billingham Town Centre.

On Friday 28th July, the Council was informed that it was not the preferred bidder for the MARS leasehold interest in Billingham Town Centre. The Council was also informed that Heads of Terms (HoT) were being bnegotiated with the preferred bidder with a view to completing these in early August, however, the Council bid would remain on the table pending the due diligence period.

Although commercial confidentialities prevented the naming of the preferred bidder, it was confirmed that they were a developer with a proven track record in regenerating smaller town centres. They had widespread and relevant experience in both new retail development and refurbishment of existing centres across the country.

Council officers were investigating the viability of a regeneration scheme with the preferred bidder, who was keen to progress quickly with the regeneration of the town centre and to work with the Council to ensure a successful scheme.

It was anticipated that, subject to due diligence, the new owner would be formally announced by mid September.

Members noted the next steps for the Council:-

Work with the Council's consultants, DTZ, with a view to obtaining the appropriate valuation advice in respect of the Council's freehold interest in the Town Centre

Open negotiations with the new owners regarding their town centre interests to agree a joint regeneration scheme which may include the possible sale of some or all of the Councils interest, subject to Member approval

Produce more detailed modelling of the cash flow for various options before making recommendations to Cabinet

Make recommendations to Members regarding the future of Billingham Town Centre

Brief The Billingham Partnership on progress to date and on the proposed way forward.

RESOLVED that the report be noted.
Reasons for the Decision
Billingham Town Centre is a key Town Centre in the Borough. It is vital that a proposal for regeneration is decided upon, and that public consultation is undertaken in relation to it.

Alternative Options Considered and Rejected
None
Declared (Cabinet Member) Conflicts of Interest
None
Details of any Dispensations
Not Applicable
Date and Time by which Call In must be executed
By no later than Midnight on Friday 15th September 2006
Attachment

Date of Publication: 11 September 2006


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