Issue details

Northminster Development: Update On Proposed Disposal Of Land At Northminster And Proposed Sale Of P.I.P (Northminster) Ltd

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 type: Key

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

Decision status: Recommendations Approved

Wards affected: Central;

Notice of proposed decision first published: 06/05/2022

This decision will be taken under urgency procedures.

Reason for urgency:
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.

Anticipated restriction: Part exempt  - View reasons

Explanation of anticipated restriction:
Appendix 1 to Appendix 3 are NOT FOR PUBLICATION in accordance with paragraph (s) 3 of Schedule 12A of Part 1 of the Local Government Act 1972 in that it contains commercially sensitive information relating, namely relating the financial terms of a land transaction and parties to that transaction which have yet been finalised. The public interest test has been applied to the information contained within the exempt annex and it is considered that the need to retain the information as exempt outweighs the public interest in disclosing it as to do so would prejudice commercial negotiations.

Decision due: 6 May 2022 by Deputy Leader and Cabinet Member for Housing, Culture and Communities

Lead member: Councillor Steve Allen, Deputy Leader and Cabinet Member for Communication, Culture and Communities steve.allen@peterborough.gov.uk

Lead director: Corporate Director Resources

Department: Place and Economy

Contact: Cecilie Booth, Corporate Director, Resources Email: cecilie.booth@peterborough.gov.uk.

Relevant Scrutiny Committee: Growth, Environment and Resources Scrutiny Committee

Decisions