Issue details

The Executive Member for Regeneration approves:
i. new option agreements, on terms similar to the previous option agreements, at Tees Advanced Manufacturing Park (TeesAMP):
a. the sale of Plot 23 (3 acres) for £345,000 to Cleveland Property Investments Ltd. (CPIL), as previously approved by the Executive on 14th July 2020;
b. the sale of the (formerly) Anaerobic Digester site (3.5 acres) for £400,000 to CPIL, as previously approved by the Executive on 19th December 2017;
ii. that the new options and subsequent sales would be subject to:
a. a deadline to complete the sales by 30th June 2021;
b. substantially the same legal terms and conditions as the previous option sites, with the developments now being in use classes B1,B2 and B8;
c. a buy-back clause providing an 18 month period following the sale to obtain detailed planning consent, provide any enabling infrastructure and to commence construction, otherwise obligating CPIL to sell the site back to the Council for the same price at which it is sold;
d. any onward sale by CPIL is subject to the same conditionality set out at ii. a. to c.; and,
iii. that any variance to the terms of the new options and sales be delegated to the Head of Strategic Commissioning and Procurement, aside from the terms and conditions set out at ii. b. to d. inclusive.