Agenda, decisions and draft minutes

There were no apologies for absence.

Members are requested to declare the existence and nature of any disclosable pecuniary interest and/or other interest, not already on their register of interests, in any item on the agenda and withdraw from the meeting at the appropriate time.

There were no declarations of interest.

To consider any other matter which the Leader is of the opinion should be considered as a matter of urgency, in accordance with the provisions of Statutory Instrument 2012 No 2089, Regulation 11.

None.

The Leader to move:-

That the public be excluded from the meeting during the discussion of the following items of business to avoid the disclosure to them of exempt information as defined in Part 1 of Schedule 12A to the Local Government Act 1972, (as amended by the Local Government (Access to Information) (Variation) Order 2006).  [The category of exempt information is stated after each item].

Private Session

RESOLVED – that the public be excluded from the meeting during the discussion of the following item of business to avoid the disclosure to them of exempt information as defined in Part 1 of Schedule 12A to the Local Government Act 1972 (as amended by the Local Government (Access to Information) (Variation) Order 2006).

Report of Councillor J Barry, Portfolio Holder for Growth and Assets

(Paragraph 3)

RESOLVED –

1.     That Cabinet approves a payment schedule as set out in paragraph 2.12.

2.     That Cabinet agrees that, following determination of the revised planning application and further progress on warranty matters, a further Deed of  Variation to the Share Purchase Agreement is executed, reprofiling of remaining payments to a “little and often” structure.

3.     That Cabinet authorises the Director of Growth and Assets, in consultation with the Leader and the Section 151 Officer, to agree terms and complete the Deed of Variations to give effect to the above, including appropriate protection of the Council’s security.

This was a Key Decision but in accordance with 13 (h) of the Council’s Scrutiny Rules, the Call in procedure has been waived.

Cabinet considered a report which sought approval for a revised payment arrangement under the Share Purchase Agreement relating to the sale of Northwood Group Ltd to MyPad 2020 Limited, to manage short-term financial risk while maintaining the Council’s contractual position and security.

Cabinet considered the report. There were discussions around the process that had been followed, the impact of the Council’s financial position, the structure of the revised payment arrangement and the need for prudent risk management.

RESOLVED –

1. That Cabinet approves a payment schedule as set out in paragraph 2.12 of the report.

2. That Cabinet agrees that, following determination of the revised planning application and further progress on warranty matters, a further Deed of  Variation to the Share Purchase Agreement is executed, reprofiling of remaining payments to a “little and often” structure.

3. That Cabinet authorises the Director of Growth and Assets, in consultation with the Leader of the Council and the Section 151 Officer, to agree terms and complete the Deed of Variations to give effect to the above, including appropriate protection of the Council’s security.

This was a Key Decision but in accordance with 13 (h) of the Council’s Scrutiny Rules, the Call in procedure has been waived.

To consider any other matter which the Leader is of the opinion should be considered as a matter of urgency, in accordance with the provisions of Statutory Instrument 2012 No 2089, Regulations 5 and 11.

None.