Agenda for Trusts and Charities Committee on Monday, 18th April, 2016, 2.30 pm

Agenda and minutes

Venue: LH 3.30 - Loxley House, Station Street, Nottingham, NG2 3NG. View directions

Contact: Noel McMenamin  Governance Officer

Items
No. Item

49.

APOLOGIES FOR ABSENCE

Minutes:

Councillor John Hartshorne (personal)

 

In the absence of the Chair, the Chair was taken by Councillor Glyn Jenkins, Vice-Chair.

50.

DECLARATIONS OF INTERESTS

Minutes:

None.

51.

OPTIONS AGREEMENT - IREMONGER ROAD pdf icon PDF 102 KB

Report of Deputy Chief Executive/Corporate Director for Development and Growth

Additional documents:

Minutes:

The Committee considered a report of the Director of Strategic Assets and Property, seeking approval to enter into an option agreement on land and buildings on Iremonger Road.

 

Richard Cox, Principal Estates Surveyor introduced the report, making the following points:

 

(a)  the Bridge Estate owns the freehold interest in a 1.15 acre site on Iremonger Road, and is subject to 2 long term leases to Henton and Chattell Ltd, yielding a fixed ground rent of £298.50 per annum;

 

(b)  UKPP Developments Ltd has expressed an interest in acquiring the site, and their initial development proposals have been positively received by Planning colleagues;

 

(c)  UKPP Developments Ltd will need to incur substantial costs for design work and planning application submissions, and seek the security of an option agreement to progress its plans;

 

(d)  should the option be exercised, the Bridge Estate will receive a favourable capital receipt, detailed in the exempt appendix to the report.

 

The Committee strongly supported the proposal, considering it a beneficial development for the Bridge Estate.

 

RESOLVED to agree to enter into an option agreement with UKPP Developments Ltd enabling it to purchase Bridge Estate’s freehold interest in 1.15 acres of land and buildings on Iremonger Road on terms set out in the exempt appendix.

52.

EXCLUSION OF THE PUBLIC

To consider excluding the public during consideration of the remaining item in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that, having regard to all the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Minutes:

RESOLVED to exclude the public from the meeting during consideration of the remaining item in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that, having regard to all the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, as defined in paragraph 3 of Part 1, Schedule 12A of the Act.

53.

OPTIONS AGREEMENT - IREMONGER ROAD - EXEMPT APPENDIX

Minutes:

RESOLVED to note the exempt appendix.