Decision details

(i)               That the progress made to date by Capital&Centric on the Ryecroft project in

Newcastle Town Centre, be noted.

(ii)              That it be recommend that Council:

a.               Approve expenditure of up to (£34,444,256 or £33,131,668 minus

costs already approved) to complete the Ryecroft scheme to practical completion in readiness for occupation;

b.               Authorise the Deputy Chief Executive, in consultation with the

Portfolio Holder for Finance, Town Centres and Growth, and Portfolio Holder for One Council, People and Partnerships to progress legal agreements, subject to planning approval, to enable the appointment of Capital&Centric under a Development Services Agreements (DSA) for the development of the scheme through a direct award under the Pagabo Development Management Framework;

c.               Authorise the Deputy Chief Executive, in consultation with the

Portfolio Holder for Finance, Town Centres and Growth, and Portfolio Holder for One Council, People and Partnerships to progress the legal agreement for the ‘buy back’ of the schemes by Capital&Centric upon completion of the developments.

d.              Authorise the Deputy Chief Executive, in consultation with the Portfolio Holder for Finance, Town Centres and Growth to progress legal agreements to enable the sale of a portion of the Ryecroft site to Aspire Housing for their development on the site which they will be undertaking directly with Capital&Centric.

e.              Authorise the Deputy Chief Executive, in consultation with the Portfolio Holder for Finance, Town Centres and Growth to progress the legal agreements with Homes England to accept a grant as a subsidy for the development and become the accountable body for the grant, subject to Homes England approving the grant.