Decision details

To accept a capital sum in return for the Council to release the purchasers of the T11 site from a clawback provision relating to the development use.

To enter into an agreement with Polofind Limited for development of the Shopping Park.

Update report on progress with project.

Update report on progress with project.

To seek approval and funding for the purchase of the T11 site and construction of the Shopping Park.

Update report on progress with project.

Update report on progress with project.

Update report on progress with the project.

To agree the award of the contracts for the Main Build and Section 278 works.

Update report on progress with the project.

Update report on progress with the project.

Update on progress with the project.

Appointment of Contractor to carry out the construction works & increase in contract for S278 works.

Update report on progress with the project.

Update report on progress with the project.

Authority to enter into lease agreements with retail tenants.

Update report on progress with the project.

The Portfolio Holder for Asset Management & Economic Development presented a report regarding the authority to enter into lease agreements with retail tenants for the Epping Forest Shopping Park.

The Portfolio Holder apologised for the tabling at the meeting of revised recommendations for the report, which sought the approval of the Cabinet to enter into a lease with Next Holdings Limited for an anchor store at Epping Forest Shopping Park. In addition, the Portfolio Holder also sought extended delegated authority for the Chief Executive, Director of Neighbourhoods or Director of Resources, in consultation with the Asset Management and Economic Development Portfolio Holder, to enter into future lease arrangements and associated documentation with other retail tenants at the Shopping Park – which would be signed rather than sealed. The Chairman of Council was requested to waive the call-in arrangements for this and future leases given the timescales required to achieve an opening of Epping Forest Shopping Park in September 2017.

Decision:

(1)        That the Terms of the Agreement for the Lease with Next Holdings Limited, as attached at Appendix 1 of the report, be agreed in principle and the Chief Executive, Director of Neighbourhoods or Director of Resources (in consultation with the legal advisors and the Asset Management & Economic Development Portfolio Holder) be authorised to make any final amendments and enter into the lease;

(2)        That delegated authority be granted to the Chief Executive, Director of Neighbourhoods or Director of Resources (in consultation with the legal advisors and the Asset Management & Economic Development Portfolio Holder) to waive the Council’s Financial Regulations to authorise them to enter into further leases with tenants at the Epping Forest Shopping Park in the future, on the condition that they too were in accordance with the previously agreed development appraisal and planning conditions;

(3)        That delegated authority be granted to the Chief Executive, Director of Neighbourhoods or Director of Resources (in consultation with the legal advisors and the Asset Management & Economic Development Portfolio Holder) to enter into documentation associated with the Leases; 

(4)        That the Chairman of Council be requested to waive the Council’s Call-in procedure with respect to this and future Leases to reflect the timescales required to achieve a September 2017 opening; and

(5)        That Procurement Rules 18.2(b) be waived to allow for this Lease and future Leases to be signed rather than sealed.

Reasons for Decision:

To seek authority to enter into leases with tenants for the Epping Forest Shopping Park in order to achieve the Council’s financial objectives as well as deliver economic development and employment benefits from the project.

Other Options Considered and Rejected:

To bring all Agreements for Lease to Cabinet and not extend the Delegation.  However, this would run the risk of losing potential tenants if their timescales could not be met and potentially compromise the target opening date for the Shopping Park of September 2017.