In the report to cabinet members on28th July 2011, officers told Cabinet members they were at risk of losing £4.5m from Realis if the didn’t agree to put plans in place to action future Compulsory Purchase Orders
4.2 The immediate risk in not approving the use of CPO powers would be a financial shortfall of £4.5million for the bus-station development and the longer term risk of failure to deliver the scheme. As stated above the Council and Developers Realis have entered into an agreement to deliver the scheme which is legally binding. There could therefore be substantial costs to the Council if the development agreement has to be abandoned or terminated.
But the recently released Development Agreement says Payment of the Council works is due on delivery of a Certificate of Practical Completion.
Hopefully the way the “Development Agreement” reads is correct, and the City Council will receive the money from Realis on completion of the Bus Station and not have to wait until commencement of City Sentral
Anyone any thoughts, I’ve contacted Cllr Rosenau, Meredith and Pervez hoping they can clarify