Decision details

RESOLVED:

Cabinet RESOLVED that, if Wembley Stadium is sold to a private entity:

10.1 Cabinet re-examines the funding decision for Olympic Way improvements in the light of the possible change in ownership of Wembley Stadium and confirm that funding from Quintain and the Stadium owners forms a three way funding stream for Zone C.

10.2 Cabinet confirms or otherwise the contribution of up to  £12.1 million towards Zone C improvements, such contribution being contingent on Quintain:

a)    Not pursuing development of site NW04 adjacent to the Civic Centre to the extent currently permitted in the parameters plans associated with outline planning permission 10/3032

b)    Working with the Council to deliver a development that better complements the role and setting of the Civic Centre, in particular creating a significant new square outside the Civic Centre Library

c)    Agreeing a business plan and agreement, between Quintain and the council, for the future sharing and reinvestment of the net income generated through assets on Olympic Way in Zones A, B and C.

d)    Securing up to one third funding contribution from Wembley Stadium owners.

10.3 Cabinet notes that if confirmed the total contribution for Olympic Way improvements will be up to £17.8 million.

10.4 Cabinet, subject to the level of funding contribution from Wembley Stadium owners for Zone C improvements as detailed in recommendation (d) above, delegate to the Strategic Director Regeneration and Environment in consultation with the Cabinet Member of Regeneration, Highways & Planning authority to agree the adequacy of such contribution secured.