Decision details

The report was late owing to delays in collating all the technical, commercial

and legal information required, including from external advisors to properly

conclude the partner selection process and to provide Mayor & Cabinet with

the most up to date detail possible.

The report was deemed urgent and could not wait until the next meeting of the

Mayor & Cabinet on January 10 2018 as this would have caused significant

delay to the commercial timetable and further push back the achievement of

the stated social and financial benefits of the scheme.

Having considered a confidential officer report and a presentation by the

Cabinet Member for Housing, Councillor Damien Egan, the Mayor, for the

reasons set out in the report:

RESOLVED that

(1) the detailed summary of the partner selection process be noted,

(2) Grainger be appointed as preferred bidder for the proposed Joint Venture

to deliver the Besson Street development;

(3) the detailed legal and financial implications of the proposed Joint Venture

as set out be noted;

(4) the Heads of Terms for the proposed Joint Venture as set out be

approved;

(5) authority be delegated to the Executive Director for Resources and

Regeneration to proceed to finalise the terms of the Joint Venture with

Grainger on the basis set out in the Heads of Terms and that these be

reported back to Mayor and Cabinet for approval;

(5) the Head of Strategic Housing, Genevieve Macklin, and the Head of

Corporate Resources, David Austin, be appointed to act as both the Council’s

two LLP Representatives on the Joint Venture Operational Board and the

Council’s two Directors in the wholly owned dormant member company;

(6) the LLP Representatives’ and Directors’ Mandates and the final terms of

the indemnity that will be provided to the LLP Representatives and Directors

be reported back to Mayor and Cabinet for approval;

(7) additional capital programme budget of £295,000 be approved (as

included in the forecast capital programme) in order to fund the additional

tasks that will be required to set up the Joint Venture and secure the Besson

Street site until it is transferred as set out;

(8) authority be delegated to the Executive Director for Resources and

Regeneration to approve the transfer of the freehold of the Besson Street site

to the Joint Venture, subject to the proposals meeting the benchmarks set out

and the formation of the Joint Venture;

(9) the land could be disposed of to the Joint Venture at less than best

consideration; and

(10) the required application to the Secretary of State be made ahead of the

Executive Director for Resources and Regeneration approving the disposal of

the Besson Street site, as set out.

The meeting closed at 7.36pm.