On 17 June 2022 Cabinet resolved tin principle to acquire two sections of land at the North End of Victoria Street in Dovercourt. On the same day the Cabinet (in the private part of the meeting) agreed the heads of terms and financial arrangements for that acquisition and delegated any change to the discretion of the Corporate Director.
Since the meeting the Legal Team has been working to resolve issues with the legal titles to the areas of land and to agree transfer documentation.
Legal work is completed and the Council is now in a position to complete the acquisition in line with the heads of terms agreed.
It is proposed to instruct the Head of Legal Services to complete the transaction.

To complete the acquisition of sites in Victoria Street, Dovercourt as previously approved by Cabinet.

Option 1 - Complete the acquisition as previously approved. - proposed - the acquisition is intended to facilitate the rehabilitation and redevelopment of two areas of land and a derelict building that are detracting from the environment and wellbeing of the wider area.
Option 2 - Decline to complete the acquisition, - not proposed - it is unlikely that the private sector will find it viable to renew the area or to adequately maintain it during any interim period.
Option 3 - Initiate further negotiation with the vendors. - not proposed - The processes to date have been time consuming and any further delay would reduce the likelihood of gaining consent to use external funding for the redevelopment of this site.