Purpose

To agree to revisions
to the Mercury Land Holdings business plan including budget
profiles

Decision

Cabinet

 
1.      
Approved the Mercury Land Holdings Limited Business
Plan Update (see Exempt Appendix 3).
 
2.      
Agreed to delegate authority to the Cabinet Member
for Regeneration & Development, in consultation with the S151
Officer, the Strategic Director of Place and the Monitoring
Officer, to approve the detailed business cases, related viability
assessments and funding requirements for the individual schemes
noted within the Business Plan as they may be presented during the
business plan period, including the authority to enter into all
relevant agreements to give effect to the schemes.
 
3.      
Agreed that the previously allocated funding in the
July 2023-2026 Business Plan to MLH, up to a maximum of
£270.1 million, is reallocated to projects as updated in the
Exempt Agenda, through a combination of equity investment and
Subsidy Control compliant loans.
 
4.       Noted that the
individual schemes are subject to detailed business cases to be
approved under delegated authority, as set out in Recommendation
2.
 
5.
      Agreed to delegate to the Strategic Director of Resources,
in consultation with the Assistant Director of Regeneration and
Place Shaping, and the Deputy Director of Legal and Governance, the
authority to determine the principles and processes by which any
assets shall be disposed of and the terms of disposal to MLH.