Agenda item

Temple Quarter Delivery Strategy

Decision:

That Cabinet:

1.      Endorsed the approach set out for the establishment of the Joint Delivery Vehicle and matters related thereto, and authorises the Executive Director of Growth and Regeneration in consultation with the Director of Finance, the Deputy Mayor and Cabinet member for Finance, Governance, Property and Culture and Director Legal and Democratic Services to finalise the arrangements for the JDV and thereafter enter into the Shareholders’ Agreement and associated documentation with all other BTQ Partners or, if they are unable to secure their approvals with one or more of the BTQ Partners;

2.      Authorised the Executive Director Growth and Regeneration in consultation with the Director of Finance to agree the terms for, and thereafter conclude, option agreements (and associated documentation) with the JDV for parcels of land within council ownership within Phase 1 (as identified at Appendix A1) subject to satisfaction of the best consideration test being met under section 123(1) Local Government Act 1972;

3.      Authorised the Executive Director of Growth and Regeneration in consultation with the Director of Finance to approve the JDV Business Plan once completed;

4.      Authorised the BTQ JDV, once established to develop the Outline Business Case and Delivery Strategy for Phase 2 (as defined in Appendix A2) for approval by Cabinet;

5.      Authorised the BTQ JDV once established, to lead property negotiations for the whole of the Council’s land interest in Phase 2 on behalf of the Council, reporting to the relevant Council Director in anticipation of seeking further Cabinet approval to enter into option agreements for those sites to make that land available to the programme and the DP [in accordance with the approved Business Case for Phase 2];

6.      Authorised the Executive Director of Growth and Regeneration in consultation with the Director of Finance to approve the procurement strategy, (including the evaluation criteria and contracting principles) for the selection of the DP, and to agree the framework for the JDV to lead, secure and enter into contract with the DP;

7.      Authorised the Executive Director of Growth and Regeneration in consultation with Director of Finance to make the balance of the Grant Funding (secured from the Investment Fund) available to the JDV following its set up;

8.      Authorised the Executive Director of Growth and Regeneration in consultation with Director of Finance to agree any consequential changes to the Collaboration Agreement, the Grant Funding Agreement and associated documentation as a result of entering into the above arrangements;

9.      Agreed in principle to the Council acting as guarantor of the JDV in relation to its commitments to the DP, subject however to the Executive Director for Growth and Regeneration, Director of Finance and Director ofLegal and Democratic Services agreeing its scope and terms, including an acceptable cap on liability;

10.  Agreed in principle to the Council making available Community Infrastructure Levy funds, funding secured through S106 Agreements, and relevant retained business rates income from the TQ development site, as detailed in the Reinvestment Strategy, subject however to the Executive Director for Growth and Regeneration in consultation with the Director of Finance, being satisfied that doing so is not inconsistent with relevant limitations, conditions or regulations impacting on the use of these funds;

11.  Noted that the shareholder representative function for the JDV reserved matters will be exercised by the Council’s existing nominated delegate for such matters, which is consistent with how it makes shareholder reserved matter decisions in respect of its significant wholly and part-owned entities;

12.  Noted the Council’s intention to dispose of Temple Square; and 13. Note the Temple Island Enabling Works project update and that a further update will be provided to Cabinet in Spring 2024.

Supporting documents: