Decisions

Decisions published

06/05/2022 - Northminster Development: Update On Proposed Disposal Of Land At Northminster And Proposed Sale Of P.I.P (Northminster) Ltd - MAY22/CMDN/100 ref: 1951    Recommendations Approved

With the approval of the Chairman of the Growth, Environment and Resources Scrutiny Committee and the Monitoring Officer, the urgency procedure, special urgency procedure, and waiver of call-in procedure have been invoked to suspend the requirement to publish the decision on the forward plan for 28 days, to suspend the requirement to publish the report for five days in advance of the decision being taken, and the requirement to subject the decision to a three day call-in period. These procedures have been invoked in order to enable the Council’s decision to allow the sale and onward sale to take place simultaneously with a required completion date imminently to allow the third party to finalise its arrangement for the development of the site. These dependencies have only come to light recently, as has the presence of the third party and so it was not known at the time of the previous report to Cabinet in February 2022 and the date can not be deferred to the next Cabinet meeting. 

 

 

1.    Disposed of land at Northminster in Peterborough City Council’s ownership to P.I.P (Northminster) Ltd on the basis that PIP LLP will sell P.I.P. (Northminster) Ltd (the SPV) onwards simultaneously to a third party as outlined in paragraph 5 of the exempt Appendix; the purpose of which is to secure the delivery of the proposed project. 

2.    Agreed that payment for the land will be in the form of a capital receipt and not in the form of loan notes. 

3.      Noted that the arrangements made by Peterborough Investment Partnership LLP in relation to Peterborough Investment Partnership (Northminster) Ltd will end on transfer and the Council will receive a distribution of the amount of money left in PIP Northminster after reasonable and verifiable costs.  

4.    Noted the proposed completion date of (or prior to) 18th May 2022.  

5.    Agreed that any final amendments to the transaction are delegated to the Director: Resources and Director: Law and Governance in consultation with the Cabinet Member for Resources 

 

Decision Maker: Deputy Leader and Cabinet Member for Housing, Culture and Communities

Decision published: 06/05/2022

Effective from: 06/05/2022

Wards affected: Central;

Lead officer: Cecilie Booth