Decision details
Extending Cabinet delegation to enable Property disposal of Riverside and Loan to ACL
Decision Maker: Cabinet Member - Economic Development
Decision status: Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
The Cabinet Member Patrick Anketell-Jones for Economic Development is requested to exercise Rule 16, special urgency rule, to enable officers to progress with the transfer of a lease and the making of a loan to Aequus Construction Limited (a wholly owned subsiduary of Aequus Developments Limited) to enable the development of Riverside to proceed without further delay.
Decision:
The Cabinet Member approves:
An extension of the resolution of Cabinet dated 2 December 2015, relating to Aequus Developments Limited (ADL) so that reference to the “ company” includes reference to Aequss Construction Limited (ACL), a wholly owned subsidiary of ADL and in particular to permit :
- a transfer of the Lease of Riverside to ACL
- the extension of the delegated power in paragraph 7 (approval of Council investment) to enable the provision of the Loan to ACL.
3. the extension of the indemnity in paragraph 13 to Council members and officers appointed as directors of ACL
Reasons for the decision:
The rationale for the decision is to enable the progression of the Riverside development and to ring fence risk and maximise returns to the council through an improved VAT and Corporation Tax position.
The decision is being made in accordance with Rule 16 of the Council’s constitution. It would generally be a Cabinet decision but to enable the proposed development to proceed it is necessary to use the Council’s urgency procedure.
The urgency arises as a result of the increased costs to the Council caused by any delay to the development timetable.
Alternative options considered:
None.
Urgent item?: Yes
Publication date: 23/06/2017
Date of decision: 23/06/2017
Accompanying Documents:
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