| State the Delegated Authority that you are relying on in order to make the decision | |
| Subject of decision | To agree detailed contractual terms for the option relating to the disposal of land known as South Side, in Middlehaven, at the Dock side. |
| Text of decision | In summary, the following points provide an overview of what the Council/Twenty13 Developments Ltd have agreed to in the contract documentation: • Cool Runnings has an option to acquire a long lease of land at Middlehaven, from HCA on which they intend to build the Snow Centre. This Option is conditional on HCA approval of plans etc, planning permission and various other matters. • On exercise of the option and satisfaction of the conditions, HCA will grant a building licence to CR to allow access to the HCA land to start the construction. The HCA lease is not to be completed until after CR have satisfactorily completed the building works in accordance with the HCA documentation. • The Council has agreed to grant Twenty 13 Developments an option to acquire the freehold of the land at South Side (4.77 acres) at a purchase price of £834,750.00 (£175,000 an acre) for the construction of a hotel, restaurant and residential apartments and ancillary leisure, landscaping car parking. • The Option is time limited, with the initial Option period being up until April 2019 (to coincide with the time limit to drawdown the HCA land). If this Option is never triggered, it falls away, i.e. the land returns to Middlesbrough Council without penalty. |
| Reason for decision | On the 12th July 2017, the Executive Sub Committee for Property approved a disposal of land to Twenty13 Developments Ltd (company associated with the snow centre development) this is a disposal of 4.77acres of land via an option for the sum total of £834,750. This note is to satisfy one of the recommendations of the report, which was: “that the determination of the detailed contractual terms be delegated to the Strategic Director, Finance and Governance and Support; in consultation with the Deputy Mayor/Executive Member for City Centre Strategy, the Executive Member for Resources and Executive Director for Growth and Place. |
| Other options considered (if any) | N/A |
| Declarations of Interest by any member or relevant local government body | None. |
| Who have you consulted as part of the decision making process | |
| Date of decision | 18 January 2018 |
| Service area | Economic Development & Infrastructure |
| Name of Delegated Officer making the decision - i | Kevin Parkes / James Bromiley |
| Name of the Officer making the decision - If power has been sub-delegated to another officer | |
| Issue date:- | 26 January 2018 |
| Creation date:- | 25 January 2018 by |
| Background paper/Impact Assessment | Decision form (92K/bytes) |