Issue - items at meetings - Development Company Update

Report of Councillor P Kerry, Deputy Leader of the Council

Key Decision (Paragraphs 3 and 5)

RESOLVED –

That Cabinet delegated power to the Managing Director, in consultation with the Leader, to enter and amend any agreements associated with Northwood, to facilitate:

1. The sale of the Council’s Northwood shares as set out in the report.

2. Agree the shareholder financial settlement with Woodhead Regeneration, as set out in the report.

3. Agree changes to existing loan arrangements and associated documents to align repayments as set out in the report and secure outstanding or deferred payments appropriately.

4. Agree changes to the land sale agreement, as required.

REASONS FOR DECISION – To deliver the original outcomes and outputs as set out in the report.

OTHER OPTIONS CONSIDERED AND REJECTED – These were outlined in the main body of the report.

This is a Key Decision. The call-in period for the decision will run until Tuesday 6 June 2023.

Development Company Update

The report to Cabinet explained the measures taken in relation to the Council’s Development Company, Northwood, since September 2022. The report also set out specific recommendations on future actions, which Members were asked to endorse. It was explained that an appraisal of options had now taken place. Following on from this appraisal it had become apparent that immediate action would be required to avoid delay and so ensure that the preferred option could be delivered.

Cabinet discussed the measures which had been taken since September 2022, the specific recommendations for future action which had been proposed and the reasons why they should be progressed. At the conclusion of the discussion Members indicated their support for the proposed approach.