the Cabinet Member:
1. Approved a variation to a lease held on land the Council owns and the variation of the covenants on the Council’s freehold to enable the lease variation, as set out in the exempt annex;
2. Gave approval to the principle of the Council reinvesting any proceeds the Council receives as a consequence of the variation referred to in (1) above into a new investment fund to be jointly administered by the Council and its tenant. These proceeds have the potential to be over £500,000; and
3. Delegated authority to the Corporate Director of Growth and Regeneration to approve the terms of the new investment fund, in consultation with the Cabinet Member for Resources.
Decision type: Key
Reason Key: Expenditure or savings greater than £500,000;
Decision status: Recommendations Approved
Wards affected: Glinton and Castor;
Notice of proposed decision first published: 25/01/2017
This decision will be taken under urgency procedures.
Reason for urgency:
Urgency, Special Urgency and Suspension of call-in procedures have been invoked in relation to this decision, as set out in the Council’s constitution at Part 4, Section 7(6), Section 7 (7), and Section 8 (10.22) respectively. This is with the agreement of the Chairman of the Growth, Environment and Resources Scrutiny Committee and the Monitoring Officer. The decision is urgent due to the deadlines provided to the Council by its tenants. The suspension of call-in has been granted as a delay in the implementation of the decision would significantly prejudice the Council’s interest the prospective investment fund.
Anticipated restriction: Part exempt - View reasons
Explanation of anticipated restriction:
The exempt annex is NOT FOR PUBLICATION by reason of paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972. This is because the information is considered to be commercially confidential until such a point that the tenant has confirmed their transaction is complete and information can be disclosed. The information is subject to a Non-Disclosure Agreement. To disclose this could risk the Council putting its tenant in breach of the terms of the Non-Disclosure Agreement and as a consequence their transaction at risk. The public interest test has been applied to the exempt information and it is considered that the need to retain the information as exempt at this stage outweighs the public interest in disclosing it.
Decision due: Not before 20th Jan 2017 by Cabinet Member for Resources
Lead member: Councillor David Seaton, Cabinet Member for Finance david.seaton@peterborough.gov.uk
Lead director: Executive Director Place and Economy
Department: Place and Economy
Contact: Richard Hodgson, Head of Strategic Projects 01733 384535; Email: richard.hodgson@peterborough.gov.uk Email: richard.hodgson@peterborough.gov.uk Tel: 01733 384535.
Consultation process
Consultations have taken place with the Council’s Chief Executive and senior officers responsible for finance and property matters together with the Council’s Director of Governance and senior Democratic Services officers. Ward Councillors – Cllr Holdich and Cllr Hiller have been briefed on the principles of the proposed transactions in their Ward Councillor capacity within the scope of what officers are able to brief given the Non -Disclosure Agreement.
Relevant Scrutiny Committee: Growth, Environment and Resources Scrutiny Committee