Purpose

To agree the final commercial
arrangements of the long-term joint investment partner to deliver
new housing in the city.

Decision

The Executive:-
 
(1)        Approve the
commercial, financial, legal and structural arrangements to enable
the completion and ongoing management of the No.1 Ancoats Green
development.
 
(2)        Approve the
formation of a Joint Venture with Greater Manchester Pension Fund
in accordance with the terms outlined in the report
 
(3)        Delegate
authority to the City Treasurer and Strategic Director (Growth and
Development), in consultation with the Executive Member for Finance
and Resources and the Executive Member for Housing and Development,
to finalise all the necessary commercial, financial, legal and
structural arrangements to establish and operate the vehicles
and/or partnerships to facilitate the recommendations above.
 
(4)        Note the
progress made in the development of Postal Street and the
commercial proposals to dispose of the land to the Joint Venture
and to delegate authority to the Director of Development in
consultation with the Executive Member for Corporate Property to
negotiate the final commercial, financial and legal terms
 
(5)        Authorise the
City Solicitor to enter into all
necessary legal arrangements to give effect to the recommendations
and details of arrangements as more particularly set out in the
report