Issue - meetings

B Report of the Director of Finance and Support

This item contains exempt information by virtue of paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972.

There was no additional debate on this item as the substantive issues had been discussed under Item 7 above.

RESOLVED

2.1 That Cabinet supports this Council entering into a development agreement with Homes and Communities Agency (HCA), Northampton Town Football Club Limited (NTFC) and LXB Partners LLP (LXB) to facilitate the development of land at Sixfields for a scheme involving uses that will

(a)    not conflict with preserving and enhancing the commercial vitality of the Town Centre,

(b)    ensure that the stadium itself continues to be used for Association Football and other uses described under the existing Lease referred to at 3.1.1 and

(c)     ensure that replacement athletics facilities are built to UK Athletics Competition Standard for track and field, within Northampton prior to any redevelopment of the existing facilities.

2.2 That Cabinet supports the principle that this Council should agree, under the terms of a development agreement with the parties referred to at 2.1 above, to the transfer of its freehold interest in part (but not the whole) of the Sixfields Stadium, prior to physical development taking place on that land.  However, the transfer of any part should only occur in circumstances where the Council is first satisfied that there are sufficient legal safeguards and financial guarantees to protect the Council’s position.

2.3 That Cabinet supports the principle that the investment returns to each party to the agreement should be based on their respective capital contribution to the scheme.  The contribution by NBC and HCA will be in the form of freehold land and it is accepted that the actual value of the land will be determined by reference to the overall profitability of the development scheme.

2.4 That Cabinet delegates to the Director of Finance and Support, acting in consultation with the Portfolio Holder for Finance, authority to approve the detailed terms of a development agreement consistent with the principles set out in this report.

2.5 That Cabinet supports in principle, NTFC’s aspirations to improve the facilities at Sixfields Community Stadium and Cabinet notes the requests of NTFC for this Council to invest, in the retained Stadium complex, any value generated by the transfer of Council owned land.  However, whilst the Cabinet will consider such request it nevertheless resolves not to fetter its discretion as to how it might spend any proceeds arising from its participation in any development agreement.

2.6That Cabinet will consult with the Rugby and Northampton Athletics Club during this process.