Decision Maker: Economy Regeneration & Housing Committee

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: September 16, 2024

Purpose: On 22 January 2024, this Committee authorised the Director of Regeneration and Place, in consultation with the Director of Finance, to approve the novation of the Grant Funding Agreement for the Egerton Village project from Peel L&P Investments and Property Limited to Starship Regeneration Egerton Village Limited with Peel L&P Holdings (UK) Ltd acting as continuing Guarantor, subject to a number of requirements being satisfied by the parties involved. Egerton Village is proposed as new high quality mixed-use development to come forward within Wirral Waters.

Content: Resolved – That   1.  The Director of Regeneration and Place in consultation with the Director of Finance be authorised to proceed with a  novation  of the  grant agreement  relating to  the Egerton Village project between the Council  and  Peel L&P Investments and Property Limited  (with  Peel L&P Holdings (UK) Ltd  acting as guarantor)  to Starship Regeneration Egerton Village Limited subject to any remaining pre-conditions for novation, as resolved by this Committee on 22 January 2024, being satisfied, and;   2.  The Director of Law and Corporate Services be authorised to agree and finalise the Deed of Novation of the Grant Agreement with the relevant parties, subject to ‘step in’ rights described in para 3.3 of Appendix 1 being incorporated but without a guarantee from Peel L&P Holdings (UK) Ltd as set out in paragraph 3.4 of Appendix 1.