Decision details

i.       The Executive confirms its continuing support for the Market Street

development and agrees proposed changes to the Council’s previously agreed position as set out in paragraphs 1.4.1 – 1.4.4 of the confidential Appendix A, including notably:

·       Supporting a 10% increase to the Council’s 50% contribution to the development costs, reflecting increased construction costs and rephasing of expenditure, noting that this has no impact on the Council’s financial position due to the loan note mechanism in the Bracknell Forest Cambium Partnership legal agreements;

·       Delegating authority to the Assistant Director: Contract Services to enter into an agreement with the Bracknell Forest Cambium Partnership for required off-site car park provision.

ii.     The Executive, looking ahead to future town centre development, requests

the Executive Director for Place, Planning and Regeneration to review the

Council’s current town centre parking standards and identify a range of future

options to reduce reliance on car usage and promote the use of more sustainable public and private transport solutions that align with the Council’s

climate change ambitions for the Council itself and the Borough of Bracknell

Forest.

The proposed changes to the previously agreed approach to the Market Street site,

being developed through the Bracknell Forest Cambium Partnership, respond to the

development’s overall viability challenges and provide the best solution to ensure the

Council’s previously agreed outcomes of additional affordable housing are delivered.

The Council could withdraw its support for the scheme at this stage. This is not

recommended, as the Council would become liable for 50% of costs incurred on the

scheme to date and delivery of a significant number of new homes, 48% of which

would be affordable, would be lost. The Market Street site has remained in its

undeveloped state for over 20 years, which reflects the difficulty in bringing it forward

for development. In this context, it is unlikely to attract significant alternative market

interest and would remain derelict for the foreseeable future, should the proposed

scheme not be progressed.

Councillors Bidwell and Neil declared affected interests in relation to

item 8 being the Council’s representatives on the Board overseeing the joint

venture and would leave the meeting for the item.