Purpose

To seek approval and authority to finalise the
arrangements for the Temple Quarter Delivery Vehicle and proceed
with the land consolidation and required option arrangements to
support the delivery of Temple Quarter.
 
To approve the Temple Quarter Procurement
Strategy to secure a Developer Partner.
 
To seek approval and authority for the
delivery vehicle to develop the business and delivery plan for
Phase 2.

Content

That Cabinet:

1.     
Endorsed the approach set out for the establishment of the Joint
Delivery Vehicle and matters related thereto, and authorises the
Executive Director of Growth and Regeneration in consultation with
the Director of Finance, the Deputy Mayor and Cabinet member for
Finance, Governance, Property and Culture and Director Legal and
Democratic Services to finalise the arrangements for the JDV and
thereafter enter into the Shareholders’ Agreement and
associated documentation with all other BTQ Partners or, if they
are unable to secure their approvals with one or more of the BTQ
Partners;

2.     
Authorised the Executive Director Growth and Regeneration in
consultation with the Director of Finance to agree the terms for,
and thereafter conclude, option agreements (and associated
documentation) with the JDV for parcels of land within council
ownership within Phase 1 (as identified at Appendix A1) subject to
satisfaction of the best consideration test being met under section
123(1) Local Government Act 1972;

3.     
Authorised the Executive Director of Growth and Regeneration in
consultation with the Director of Finance to approve the JDV
Business Plan once completed;

4.     
Authorised the BTQ JDV, once established to develop the Outline
Business Case and Delivery Strategy for Phase 2 (as defined in
Appendix A2) for approval by Cabinet;

5.     
Authorised the BTQ JDV once established, to lead property
negotiations for the whole of the Council’s land interest in
Phase 2 on behalf of the Council, reporting to the relevant Council
Director in anticipation of seeking further Cabinet approval to
enter into option agreements for those sites to make that land
available to the programme and the DP [in accordance with the
approved Business Case for Phase 2];

6.     
Authorised the Executive Director of Growth and Regeneration in
consultation with the Director of Finance to approve the
procurement strategy, (including the evaluation criteria and
contracting principles) for the selection of the DP, and to agree
the framework for the JDV to lead, secure and enter into contract
with the DP;

7.     
Authorised the Executive Director of Growth and Regeneration in
consultation with Director of Finance to make the balance of the
Grant Funding (secured from the Investment Fund) available to the
JDV following its set up;

8.     
Authorised the Executive Director of Growth and Regeneration in
consultation with Director of Finance to agree any consequential
changes to the Collaboration Agreement, the Grant Funding Agreement
and associated documentation as a result of entering into the above
arrangements;

9.     
Agreed in principle to the Council acting as guarantor of the JDV
in relation to its commitments to the DP, subject however to the
Executive Director for Growth and Regeneration, Director of Finance
and Director ofLegal and Democratic Services agreeing its scope and
terms, including an acceptable cap on liability;

10. 
Agreed in principle to the Council making available Community
Infrastructure Levy funds, funding secured through S106 Agreements,
and relevant retained business rates income from the TQ development
site, as detailed in the Reinvestment Strategy, subject however to
the Executive Director for Growth and Regeneration in consultation
with the Director of Finance, being satisfied that doing so is not
inconsistent with relevant limitations, conditions or regulations
impacting on the use of these funds;

11. 
Noted that the shareholder representative function for the JDV
reserved matters will be exercised by the Council’s existing
nominated delegate for such matters, which is consistent with how
it makes shareholder reserved matter decisions in respect of its
significant wholly and part-owned entities;

12. 
Noted the Council’s intention to dispose of Temple Square;
and 13. Note the Temple Island Enabling Works project update and
that a further update will be provided to Cabinet in Spring
2024.