Decision:
Cabinet RESOLVED to;
2.1 Agree to enter into the following agreements to facilitate the regeneration of the town centre:
a) Deed of Release and Replacement of Guarantor in respect of the CPO Indemnity & Land Transfer Agreement (“ILTA”) releasing Hammerson UK Properties Limited as a guarantor and appointing Unibail-Rodamco TH B.V. as the replacement guarantor; and
b) 4th Supplemental Agreement to the ILTA in relation to general updating and introducing the revised remedy provisions.
2.2 Agree to delegate authority to the Corporate Director of Sustainable Communities, Regeneration and Economic Recovery to negotiate and enter into a Conditional Land Sale Agreement in relation to the freehold of the former Allders Car Park, the leasehold of the Whitgift Car Park, subsoil of a small area of land in Poplar Walk, subsoil of part of Dingwall Avenue, and possible ground anchor licences.
2.3 Agree to delegate authority to the Corporate Director of Sustainable Communities, Regeneration and Economic Recovery in consultation with Executive Mayor and Cabinet member. to finalise the terms of the above agreements (as set out in paragraphs 2.1 and 2.2) and take decisions pursuant to the above agreements once completed, including in relation to the implementation of the remedies
Minutes:
The Executive Mayor introduced the Whitgift Indemnity and Land Transfer Agreement (ILTA) Remedy - Update report and stated the revised Indemnity and Land Transfer Agreement (ILTA) signified a positive reset of the Council’s relationship with Croydon Limited Partnership (CLP). A key part of the plan was the investment in North End, the ILTA would allocate over £6 million toward initiatives in the area including repurposing elements of the Allders building for temporary use. The master planning process was underway promising a more diverse mix of land uses. The council was focussed on public safety and environmental improvements such as the Wellesley Road regeneration and closure of the underpass. The Urban Room initiative which supported public engagement in the regeneration plans was noted.
Cabinet Member for Planning and Regeneration, Councillor Jeet Bains noted the requirements for due diligence to protect the council’s interests and welcomed the £6 million contribution to improvements in the town centre. Thanks were extended to CLP for their collaborative approach.
Corporate Director of Sustainable Communities, Regeneration & Economic Recovery, Nick Hibberd noted whilst the report focussed on the remedy payment, this was one aspect of a wider programmes of activity including the Town Centre Strategy, Urban Room, Growth Zone Programme, Reconnecting Croydon Programme and the Civic Partnership Programme.
Leader of the Opposition, Councillor Stuart King queried the position were an application not received within the timescale and queried whether the recommendation to seek legal advice had been actioned.
Head of Spatial Planning, Growth Zone and Regeneration, Steve Dennington advised the legal opinion was still to be sought. The due diligence from property surveyors and the external professional legal advice taken from Pinsent Masons throughout the process were noted.
Each remedy subject to without prejudice negotiations had attached delivery timescales and penalties. Regarding planning, there were mechanisms to reinvest funding into other elements of the remedies.
Cabinet RESOLVED to;
2.1 Agree to enter into the following agreements to facilitate the regeneration of the town centre:
a) Deed of Release and Replacement of Guarantor in respect of the CPO Indemnity & Land Transfer Agreement (“ILTA”) releasing Hammerson UK Properties Limited as a guarantor and appointing Unibail-Rodamco TH B.V. as the replacement guarantor; and
b) 4th Supplemental Agreement to the ILTA in relation to general updating and introducing the revised remedy provisions.
2.2 Agree to delegate authority to the Corporate Director of Sustainable Communities, Regeneration and Economic Recovery to negotiate and enter into a Conditional Land Sale Agreement in relation to the freehold of the former Allders Car Park, the leasehold of the Whitgift Car Park, subsoil of a small area of land in Poplar Walk, subsoil of part of Dingwall Avenue, and possible ground anchor licences.
2.3 Agree to delegate authority to the Corporate Director of Sustainable Communities, Regeneration and Economic Recovery in consultation with Executive Mayor and Cabinet member. to finalise the terms of the above agreements (as set out in paragraphs 2.1 and 2.2) and take decisions pursuant to the above agreements once completed, including in relation to the implementation of the remedies
Supporting documents: