(Key decision):
(1) To note the progress of the Reimagining Newhaven Programme.
(3) To recommend a new budget of up to £4m, additional to the existing co-funding, to develop the extended proposals for 10 Newhaven Square as set out at Appendix 1 to the report (Exempt), subject to Full Council approval.
(4) To delegate authority to the Director of Regeneration and Planning, in consultation with the Lead Member for Finance & Assets, Lead Member for Regeneration & Prosperity, and the Chief Finance Officer, to further the programme as follows including determining the terms of, and authorising the execution of, all related documentation:
• to make allocations within the General Fund Capital Programme, subject to agreed terms, leases, and business cases;
• to acquire vacant / under-utilised commercial property up to £1m within Newhaven town centre using existing approved budgets, including negotiating terms, subject to a business case;
• to progress programme delivery including feasibility, procurement, professional appointments, development, and award of contracts;
• to make investment(s) of up to £250k in new renewable energy solutions, within existing approved sustainability budgets, to support the programme, also the wider objectives of the Council, including any opportunities for the acquisition of third party company shares, subject to a business case, further legal advice, and full due diligence;
• to take all necessary steps to conclude leases, including financing and negotiation.
(5) To waive compliance with the Council’s Contract Procedure Rules in the event that the agreed rent for those leases exceeds £25,000 per annum for the reasons set out in this report.