Decision details

Breckland Bridge Extension

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Review continuation of the Breckland Bridge property development joint venture partnership.

 

Decision:

Cabinet Approve Option 2 as stated below:

 

Continue to be a partner in the Breckland Bridge joint venture vehicle and in doing so:

 

a) Issue an Extension Notice (on the basis of the terms set out in this report) to the Land Group LLP to continue the partnership per the Shareholders Agreement.

 

b) To continue the Leader of the Council as the nominated Shareholder Representative and to undertake all necessary shareholder decisions except for the approval of the business plan annually which is delegated to Cabinet.

 

c) To continue the existing governance arrangements and in doing so:

(i) Delegate all the relevant shareholder consent matters to the Shareholders Representative.

(ii) Delegate the appointment (and any subsequent removals or re-appointments) of:

-        the Officer Director to the Chief Executive.

-        the External Director to the Shareholder Representative.

-        the Member Director to the Shareholder Representative.

(iii) Indemnify the Council’s appointed Directors from personal liability.

 

d) To continue the appointments of the current Breckland Council appointed Directors to Breckland Bridge until changed by either the Chief Executive or Shareholder Representative (as per c) above.

 

e) Approve the additional small site project delivery.

 

RECOMMEND TO FULL COUNCIL that:

 

a) The new business plan be agreed as outlined in summary in Table 3 of the report.

 

b) The financial requirements of the business plan be agreed and delegate the S.151 Officer to undertake any related ancillary matters in order to implement the recommendations of this report and amend the capital and revenue budgets and any other on-going expenditure and release of funding including the following:

(i)       Award loans in accordance with the Council’s adopted Treasury Management Policy.

(ii)     Release up to £20,000 for the legal fees to undertake the legal due diligence and extension documentation.

(iii)    Provide the funding and approval of the provision of the client support post.

 

Reasons for the decision:

See Report.

Alternative options considered:

See report.

Report author: Ralph Burton

Publication date: 14/10/2019

Date of decision: 14/10/2019

Decided at meeting: 14/10/2019 - Cabinet

Effective from: 22/10/2019

Accompanying Documents: