Purpose

To consider approving more time
for the preferred developer of Saxon Court (the MK Gateway Scheme)
to address the funding position following industry-wide price
increases.

Content

1.         That the
public and press be excluded from the meeting by virtue of
Paragraph 3 (Information relating to the Financial or Business
Affairs of the Authority) of Part 1 of Schedule 12A of the Local
Government Act 1792, in order that the meeting may consider the
confidential Annex to the report. Also, to note that this Annex is
planned to be published on the Council’s gov.uk site once the
deal has completed.

2.         That
work undertaken with Milton Keynes Development Partnership,
indicating that there is a realistic chance that the funding for
the placemaking development is now available, be noted.

3.         That a
final change to the Contract Long Stop Date to 30 June 2024, be
agreed as a hard-stop of 31 March 2025, in order to deliver the
required placemaking development in accordance with the
Council’s previous decisions of 19 December 2017,
27 March 2018, 21 March 2023, and 23 January 2024.

4.         That
further indirect subsidy of £308,957 be agreed, in addition
to the previously agreed subsidy of £1,337,488 and in line
with the principles assessed as part of the decision dated 23
January 2024, which have been reviewed as still being applicable
for this decision.