Decision details

Cabinet gave its approval on 24 February 2014 for the Council to establish a Joint Venture (“JV”) to regenerate key city centre sites. In order to further that regeneration the Cabinet Member is recommended to approve:

1.    An updated Business Case that reflects the evolution of the project (Annex 1);

2.    The establishment of a JV Limited Liability Partnership (“LLP”) with Lucent Peterborough Partnership SARL (“Lucent”), a partner registered in Luxembourg;

3.    The grant of option agreements to be made in favour of the LLP on land sites set out in paragraph 4.4.1 of this report;

4.    The Council receiving loan notes in exchange for the land sites transferred to the LLP;

5.    An agreement for lease for new offices at Riverside South (Fletton Quays) be made with the LLP;

6.    The Director of Growth & Regeneration in consultation with the Leader of the Council, the Director of Governance and Executive Director, Resources to exercise delegated authority to agree to all necessary legal agreements with Lucent and the LLP to establish the JV’s  structure; and

7.    The Director of Governance, in consultation with the Executive Director, Resources to exercise delegated authority to a) transfer the land sites and b) agree the terms of the agreement for lease and subsequent lease for the new offices.

      To appoint the Leader and Deputy Leader as representatives to the LLP. 

The recommendations within the report are a result of refinements to the proposals Cabinet approved in February 2014, in line with the recommendations of that report.  These revisions will help deliver the underlying aims outlined in that report, helping to bring forward key city centre regeneration sites, allowing the Council to further the city’s growth and regeneration with minimal additional investment whilst delivering potential financial and other benefits to the Council and the city. 

Section 10.1 of the February 2014 Cabinet Report discussed the alternatives to the approach the Council proposes to take.  Those options are not repeated here but the Cabinet report remains relevant and has been brought to the attention of the Leader in making this decision.

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