Decision

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