Decision details

RESOLVED:

(1)      That Full Council notes the outcome of the bid to the Hertfordshire Local Enterprise Partnership and that the proposed regeneration with Shearer Property Group previously endorsed by Full Council will therefore not proceed.

(2)      That Full Council approve the principle of purchasing the leasehold interest for the Churchgate Shopping Centre, subject to further consideration of the economic case for doing so.

(3)      That Full Council agrees that any regeneration of Churchgate and the surrounding area must be a viable investment that maintains a return to the Council.

(4)      That officers are instructed to continue to consider a range of potential solutions in order to allow the flexibility needed to identify possible viable investments, subject to further Council decision in due course on the acceptability of any such solutions.

(5)      That Full Council agrees the previously approved transfer of up to £130k from the Special Reserve be used to progress the further work required by resolutions 2.2 and 2.4.

(6)      That the Chief Executive, Deputy Chief Executive and Director of Resources, in consultation with:-

(1)          the Leader of the Council, Executive Member for Finance and IT and Opposition Group Leaders;

(2)          Hertfordshire County Council;

(3)          Hertfordshire LEP; and

(4)          Appropriate local community and business groups

Progress the proposals for phase 1 bids for the Future High Streets Fund and the outcome be reported back to Full Council for decision.

REASONS FOR RECOMMENDATIONS: The Council has been seeking to regenerate the Churchgate Centre for a number of years and a number of different proposals have been considered during that time, with none of those proposals progressing to a successful conclusion. The lessons learned from those previous unsuccessful attempts to regenerate the Churchgate Centre and surrounding area show that having control over the whole site (including the Churchgate Centre by owning the long leasehold interest) and being flexible as to potential solutions would increase the chances of success.