Issue - meetings

The Cabinet considered a report of the Director of Economy which sought approval to accept the terms of an agreement of reconciliation with Oldham Property Partnerships.

On 27^th January 2010 the Cabinet resolved to enter into an agreement with Oldham Property Partnerships (OPP) for the developer to acquire an area of Council owned land in Failsworth. The approved report set out the basis of how the land value would be calculated, with capital receipt due to the Council only becoming known once the scheme was completed.

In terms of the completed development value, the Council and OPP both appointed professional valuers. In terms of the costs of construction the Council appointed and independent quantity surveyor to verify the costs OPP claimed had been incurred in completing the development.

Terms had provisionally been agreed with OPP and approval was sought to accept the terms of the agreement.

Options/Alternatives

Option 1 – Do Nothing.

Option 2 – Seek to dispute the offer from OPP.

Option 3 – Agree the settlement being proposed by OPP.

RESOLVED – That the Cabinet would consider the commercially sensitive information contained at Item 15 of the agenda before making a decision.