Issue details

Joint Venture Implementation - KEY/25JUL14/02

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. 

Decision type: Key

Reason Key: Expenditure or savings greater than £500,000;

Decision status: Recommendations Approved

Notice of proposed decision first published: 27/06/2014

Decision due: Not before 9th Dec 2014 by Leader of the Council and Cabinet Member for Growth, Strategic Planning, Housing, Economic Development and Business Engagement

Lead member: Leader of the Council and Cabinet Member for Growth, Strategic Planning, Housing, Economic Development and Business Engagement

Lead director: Executive Director Place and Economy

Department: Place and Economy

Contact: Simon Machen, Corporate Director Growth and Regeneration Email: simon.machen@peterborough.gov.uk; Tel: 01733 453475 Email: simon.machen@peterborough.gov.uk Tel: 01733 453475.

Consultation process

Relevant internal and external stakeholders.

Relevant Scrutiny Committee: Sustainable Growth and Environment Capital

Meeting Open to Public: N/A

Decisions

Documents