Issue - meetings

This report has two appendices which contain information exempt within the meaning of Schedule 12A to the Local Government Act 1972 and are not for publication. The appendices have therefore been circulated to Cabinet Members only.

Any discussions on the contents of an exempt appendix will require Cabinet to pass the proposed resolution identified at the end of the agenda to exclude members of the public and the press from the proceedings for that discussion.

Councillor Jones stated that this report was seeking approval to terminate the Watermeadow Court Land Sale Agreement, so the Council would be in the position to find a different approach to developing the site and would target maximising the delivery of affordable housing across the site.

The Leader praised the work done by Jo Rowlands, Strategic Director of Economy, and her team to improve considerably this scheme.

AGREED UNANIMOUSLY BY CABINET:

That Cabinet:

1.    Notes that Appendix A and B are not for publication on the basis that they contain information relating to the financial or business affairs of any particular person (including the authority holding that information) as set out in paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended).

2.    Approves the termination of the WMC Land Sale Agreement and delegates authority to the Strategic Director for the Economy, in consultation with the Borough Solicitor, to agree the final form of the legal document(s) of a “Deed of Variation” required for the termination and to enter into it;

3.    Approves the payment of £3,491,066 (to be funded from a new general fund capital budget financed by an increase in the Council’s Capital Financing Requirement) to the HFS Developments 2 Ltd (being the joint venture company established pursuant to the Joint Venture Agreement) to terminate the WMC Land Sale Agreement in line with the payment structure as set out in the detailed analysis section 15 below; and

4.    Approves to vary the ESH Land Sale Agreement to extend the conditional period to 14 June 2021 by way of a deed of variation and enter into it.