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Having considered an open and closed officer report, Cllr Dacres
MOVED, Cllr Krupski SECONDED and it was RESOLVED that
Mayor & Cabinet 
 
1. Agreed the
sixth annual Besson Street Business Plan attached as Appendix A to
the Part 2 report,
2. Delegated
authority to the Interim Executive Director of Corporate Resources,
in consultation with the Interim Executive Director of Place, to
implement the Besson Street Business Plan once finalised,
3. Agreed to
reduce the Council’s financial threshold of a 7% IRR so that
the scheme can proceed with an IRR of 6% or above.
4. Agreed a
revised finance strategy to permit the Council to input up to 50%
of the debt funding required during the development phase and to
delegate authority to the Interim Executive Director of Corporate
Resources, in consultation with the Interim Executive Director of
Place, to vary (if required) the Hold Co agreement to reflect this
revised strategy,
5. Delegated
authority to the Interim Executive Director of Corporate Resources,
in consultation with the Interim Executive Director of Place, to
approve and implement (based upon professional advice) a first
buyer, second buyer structure to improve tax efficiency and to vary
(if required) the legal agreements to reflect this new structure;
and
6. Delegated,
to the Interim Executive Director of Corporate Resources, in
consultation with the Interim Executive Director of Place, the
further extension/s necessary to the longstop date of the Option
Agreement for Besson Street such that the longstop date for
exercise of the option and subsequent land transfer is extended to
align with the anticipated date for satisfaction of the Final
Viability Test, currently expected to be August 2024