Agenda item

This report seeks approval of the strategic business plan for Otterpool Park Limited Liability Partnership (LLP), being the Council’s delivery vehicle for the Otterpool Park Garden Town.  The Business Plan, drawn up by the Board of the LLP and appended to this report, sets out the intended activities and requests the release of monies necessary to achieve the objectives in the Business Plan.   It also sets out the details of a proposed strategic land agreement between the Council and LLP, the associated funding arrangements, suggests certain amendments to the Members’ Agreementand outlines future actions in respect of corporate oversight and assurance of the project.

The report sought approval of the strategic business plan for Otterpool Park Limited Liability Partnership (LLP), being the Council’s delivery vehicle for the Otterpool Park Garden Town.  The Business Plan, drawn up by the Board of the LLP and appended to the report, set out the intended activities and requested the release of monies necessary to achieve the objectives in the Business Plan.   It also set out the details of a proposed strategic land agreement between the Council and LLP, the associated funding arrangements, suggests certain amendments to the Members’ Agreementand outlines future actions in respect of corporate oversight and assurance of the project.

Councillor Mrs Hollingsbee left the meeting prior to the consideration of this item.

Proposed by Councillor Monk,

Seconded by Councillor Whybrow; and

RESOLVED:

That the public be excluded for the following item of business on the grounds that it is likely to disclose exempt information, as defined in paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 –

‘Information relating to the financial or business affairs of any particular person (including the authority holding that information).  “Financial or business affairs” includes contemplated as well as current activities.’

(Voting figures: 8 for, 0 against, 0 abstentions).

The live stream was then stopped for a short period for the Cabinet Members to discuss aspects of the report during the exempt session. The live stream was then restarted prior to the final decision.

Proposed by Councillor Monk,

Seconded by Councillor Godfrey; and

RESOLVED:

1.         That report C/20/69 be received and noted.

2.         That the Business Plan submitted by the Board of Otterpool Park Limited Liability Partnership and contained in Appendix 1 to the report be approved.

3.         That the Heads of Terms contained in Appendix 6, which will form the basis of the Strategic Land Agreement and future funding arrangements, be noted.

4.         That the Director of Place, in consultation with the Leader of the Council and Director of Corporate Services, be authorised to agree and complete the Strategic Land Agreementbetween the council and LLP in accordance with the report.

5.         That the Director of Place, in consultation with the Leader of the Council and  Director of Corporate Services, be authorised to determine whether the pre–conditions and any other conditions in the Strategic Land Agreement have been met in order for the transfer of the land from the Council to the LLP (or to a third party) to be actioned.

6.         That the Director of Corporate Services, in consultation with the Leader of the Council, be authorised to agree and enter into the appropriate funding mechanisms and agreements between the council and the LLP (on terms to be determined after taking appropriate external advice) and to agree that pre - conditions for individual drawdown have been met.

7.         That the variations to the Members’ Agreement as described in Section 8 of the report be agreed.

8.         That it be noted that an Assurance Framework, as outlined in Section 9 of this report, will be put in place and reported as required.

(Voting figures: 6 for, 1 against, 1 abstentions).

REASONS FOR DECISION:

Cabinet was asked to agree the recommendations so that the Otterpool Park Limited Liability Partnership can proceed to deliver the project.