Report of the Property Development Project Manager

The documents are exempt in accordance with Paragraph 3, Part 1, Schedule 12A as they contain commercially sensitive information.

1.         that the progress to date and the procurement route implemented to select a principal contractor for the main works contract be noted.

2.         that in the event that the tender returns/final contract sums following a detailed review of tenders are over the current allocated capital budget, the use of capital receipts from lease re-gears and renewals, disposals and overage payments up to a value of £2,000,000 from the council’s property investment portfolio in advance of seeking a further capital growth bid at budget Council in January 2022 be approved.

3.         that delegated authority be granted to the Group Head of Place Shaping in consultation with the Portfolio Holder for Commercial Property, Planning and Housing Services to appoint a principal contractor for the main works, provided the value of the contract does not exceed the current capital budget combined with the capital receipts referred to in the report.

Cabinet received a report of the Property Development Project Manager regarding Watford Business Park.

Councillor Johnson and the Property Development Project Manager outlined the report and responded to questions.

RESOLVED –

1.         that the progress to date and the procurement route implemented to select a principal contractor for the main works contract be noted.

2.         that in the event that the tender returns/final contract sums following a detailed review of tenders are over the current allocated capital budget, the use of capital receipts from lease re-gears and renewals, disposals and overage payments up to a value of £2,000,000 from the council’s property investment portfolio in advance of seeking a further capital growth bid at budget Council in January 2022 be approved.

3.         that delegated authority be granted to the Group Head of Place Shaping in consultation with the Portfolio Holder for Commercial Property, Planning and Housing Services to appoint a principal contractor for the main works, provided the value of the contract does not exceed the current capital budget combined with the capital receipts referred to in the report.