Issue - meetings

This report makes recommendations regarding the corporate structuring and initial activities of Otterpool Park LLP (the “Delivery Vehicle”), the Council’s delivery vehicle in relation to the development of the Otterpool Park garden town (the “Project”).

The report made recommendations regarding the corporate structuring and initial activities of Otterpool Park LLP (the “Delivery Vehicle”), the Council’s delivery vehicle in relation to the development of the Otterpool Park garden town (the “Project”).

Prior to consideration of this report, Councillor Mrs Hollingsbee made a declaration of pecuniary interest (DPI) and did not participate in the debate, or the vote.

Proposed by Councillor Monk,

Seconded by Councillor Wimble; and

RESOLVED:

1.          That report C/20/02 be received and noted.

2.          That the Members’ Agreement for the Delivery Vehicle, including the delegations matrix (the “Delegations Matrix”) in schedule 3 of the agreement (the “Members’ Agreement”) set out in Appendix 2 be approved, with the Assistant Director of Governance & Law being authorised to make any minor drafting adjustments in finalising the document.  

3.          That the Council’s representative at the Members’ Meetings be the Leader of the Council and the Nominee Company’s representative be the Director of Place.

4.          To continue the  appointments to the board of the Delivery Vehicle of John Bunnett, Director of Development, and Andy Jarrett, Chief Strategic Development Officer, for another six months, subject to re-appointment on the appointment of the full board.

5.          That the full board consist of additionally two Councillors appointed by the Leader of the Council as soon as practicable, the remuneration for these appointments being the equivalent to, and being treated as a Cabinet Member Special Responsibility Allowance, and three independent non – executive directors, again appointed as soon as practicable within the next six months.

6.          That the specification for the independent non – executive directors set out in appendix 3 be approved and that the remuneration be set at £10,000 pa.

7.          That an appointment of the Director of Place as the replacement sole director to the board of the Nominee Company be approved.

8.          That the entering into of service level agreements(s) between the Council and the Delivery Vehicle for the provision of services (including staff) by the Council to the Delivery Vehicle to support the Delivery Vehicle’s initial activities described in this report be approved.

9.          To approve the Delivery Vehicle becoming the applicant for the outline planning application for Otterpool Park (reference Y19/0257/FH) and any subsequent planning application for the Project (the “Planning Application”).

10.       That the provision by the Council of initial capital of £1.25m to the Delivery Vehicle to support the Delivery Vehicle’s initial activities be approved.

11.       That the entering into of a loan facility between the Council and the Delivery Vehicle or the provision of Members’ Equity, or a combination of these two methods of finance, for the provision by the Council of initial capital of £1.25m to the Delivery Vehicle to support the Delivery Vehicle’s initial activities be approved.

12.       That the Council will provide any reasonable and necessary undertakings in order to enable the Delivery Vehicle to demonstrate to third parties an ability to meet contractual obligations properly entered into relation to its initial activities.

13.       That the Delivery Vehicle’s business  ...  view the full minutes text for item 6