Issue - meetings

The Cabinet Member for the Economy, Regeneration and Skills, the Cabinet Member for Finance, the Board Director, Commissioning and the Board Director, Resources, submitted a report concerning how the Council can use its financial powers to play an enabling role in the regeneration development of the Corn Exchange in Old Town, which is a key historic building within Swindon.

The Chair introduced the report and referred to the aim to promote regeneration in this area of Swindon and how these proposals support that aim.

Paddy Bradley, Head of Commissioning for Economy and Attainment, noted the challenging factors on this site but that the proposals were in line with the town centre master plan. All risks to the Council on the project are also protected.

Councillor Russell Holland, Cabinet Member for Finance, raised questions regarding the acquiring of commercial sites and the letting viability assurances.

Councillor Brian Ford, Cabinet Member for Streetsmart, expressed some concern on risk to the Council but indicated his support for the proposals and the benefits to the area if it proceeds.

Councillor Bob Wright, Opposition Group Spokesperson for Housing and Transport, queried the Council funding and noted the competing demands across the town.

Councillor Holland queried the timescales involved, figures and the long term plans as presented in the report, and noted the heritage building on the site.

Resolved – (1) To agree in principle that the Council should seek to take an Enabling Approach towards development in the Borough, within the context of the considerations set out in paragraph 5 of the report.

(2) To authorise the Director of Law and Democratic Services in consultation with the relevant Board Directors and Cabinet Members, to enter into formal agreements with the owner of the Locarno, Old Town, Swindon, with a view to combining our respective landholdings and facilitating the development of a high quality mixed commercial leisure and residential scheme that complies with the approved planning brief, subject to being satisfied that the owner and/or his nominated developer have the financial means to finance all the ‘predevelopment works’ including marketing, design and planning fees.

(3) To agree that, if necessary, Swindon Borough Council promote a Compulsory Purchase Order (CPO) to acquire the buildings known as the Forum (Marlborough Road), the Masons (The Planks) and 17-23 Marlborough Road Old Town, Swindon at the cost of the owner of the Locarno or his nominated developer.

(4) To authorise the Board Director, Resources to provide the owner of the Locarno a contribution up to a maximum of £1million towards the cost of the restoration of the heritage buildings provided that this is done in such a way that is compliant with financial and legal mechanisms that do not constitute State Aid.

(5) To agree to dispose of its landholding (shown in red on attached plan) to GM for £500k, payable on completion of the development.

(6) To agree to undertake improvements to the public highway along the High Street and its junction with Newport Street at a maximum  ...  view the full minutes text for item 13