To consider the submitted report on the above.

The Council considered the submitted report which sought approval of a business case to support delivery of student accommodation on part of Upton Place, Torquay.

Councillor Haddock proposed and Councillor King seconded a motion, which was agreed by the Council as set out below:

(i)         that prudential borrowing of up to £14.2 million to support the design and build of the student accommodation at Upton Place be approved;

(ii)        that the Council enter into a 25 year full repairing and insuring lease, as detailed in the Business Case, subject to further negotiation, and with an option for the Council to sell the building within the lease period to the education provider;

(iii)       that power be delegated to the Chief Executive, in consultation with the Chief Financial Officer and the Executive Head of Business Services, to agree the final details of the lease, following more detailed design work and further discussion with education provider;

(iv)      that it be agreed, in principle, for the exclusive use by education provider of the redundant basketball/netball courts on Upton Park and that a final decision be made in accordance with the Constitution following further discussions with the provider;  and

(v)       that it be agreed, in principle, that some of the income from this project be used to finance the refurbishment of the Lower Union Lane Multi Storey Car Park and/or targeted public realm improvements (as set out in the Council’s Transformation Strategy for Torbay’s Town Centres), subject to Council’s subsequent approval of separate business cases for the refurbishment and public realm works.