Decision details

Strategic Review of Developing Further Regeneration In Bracknell

Decision Maker: Executive

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To present the business case developed with the assistance of external advisors which recommends an approach to be taken to bring forward development on council owned sites and consider related land.

Decision:

 

      i.        the vision and objectives for future development in and around Bracknell town centre set out under paragraph 5.9 of the Chief Executive / Director: Finance’s report is endorsed.

 

     ii.        the findings of the Place Based Review of Bracknell, undertaken as part of the One Public Estate programme, included as Annex C of  the Chief Executive / Director: Finance’s report is noted.

 

    iii.        the findings of the Strategic Case developed by GVA and Pinsent Masons that considered options available to take forward development of the key council owned sites, summarised in paragraph 5.13 f  the Chief Executive / Director: Finance’s report to, and authorises the Director: Finance to commence a procurement process to seek a Joint Venture partner to help deliver the agreed vision and objectives is supported, noting that the final decision on a preferred partner would be taken by the Executive in late 2019;

 

   iv.        the sites detailed in paragraph 5.21 of   the Chief Executive / Director: Finance’s report are included  in the Council’s offer to potential joint venture partners;

 

    v.        the Chief Executive is authorised to finalise an agreement with Bracknell Regeneration Partnership that will ensure delivery of The Deck and secure significant investment in Princess Square, in accordance with the broad terms set out in paragraph 5.18 of the Chief Executive / Director: Finance’s report.

 

   vi.        subject to recommendation 2.5 of the Chief Executive / Director: Finance’s report, it was proposed that the addition of £4.5m be included within the existing Town Centre Regeneration capital budget in the final 2019/20 budget proposals to Council, with financing as set out in paragraph 6.3 of the  the Chief Executive / Director: Finance’s report.

 

Reasons for the decision:

To help ensure that the successful regeneration of Bracknell continues into the

future.

Alternative options considered:

 

 

1.    The Strategic Case assesses all options to secure development of the identified council owned sites, including alternatives to a Joint Venture. These are considered unlikely to give the Council the level of control over the form of development on key sites in and around the town centre, nor make the optimum financial return for the Council.

 

2.    The Council could decide not to play an active role in the development of The Deck, which would at best lead to long delays in completing this part of the Lexicon development and result in Princess Square’s continued isolation from the new part of the town centre. However, this goes against the Council’s long established aim to

the whole town centre.

 

Reason Key: Expenditure >£400,000 & Affects more than 1 ward.;

Financial Impact: To be confirmed.

Declarations: None

Subject to Urgent Proceedings: No

Making Representations: In writing to the Director: Finance

Other reasons / organisations consulted

Not applicable.

Consultees

None.

Contact: Stuart McKellar, Director: Finance Email: stuart.mckellar@bracknell-forest.gov.uk Tel: 01344 352205.

Report author: Stuart McKellar

Publication date: 12/02/2019

Date of decision: 12/02/2019

Decided at meeting: 12/02/2019 - Executive

Effective from: 20/02/2019

Accompanying Documents: