Decision details

The Portfolio Holder for Asset Management & Economic Development presented a progress report on the development of the Epping Forest Shopping Park.

The Portfolio Holder advised the Cabinet that negotiations regarding the joint venture documentation had continued with Polofind and the majority of the matters had now been resolved. There were still concerns though about when the Council could guarantee vacant possession of its part of the site. A representative from the Council’s agents, Colliers International, presented a financial appraisal of the project, which included the expected profit for the Council from the development, and answered a number of questions from the Members present.

The Portfolio Holder added that discussions to buy out Polofind had commenced, in addition to the negotiations to progress the joint venture. The Council’s agents were preparing a valuation to enable the detailed discussions to proceed and establish whether Polofind would wish to sell their share of the site. The Cabinet was appraised of the likely purchase price to be requested by Polofind.

Decision:

(1)        That the progress report on the Epping Forest Shopping Park project, including the financial appraisal, be noted.

Reasons for Decision:

To appraise the Cabinet on the current progress with the project.

Other Options Considered and Rejected:

There were no other options considered by the Cabinet as this was a progress report for noting.