Issue details

In November 2023, Cabinet ‘Endorsed the establishment of the Joint Delivery Vehicle and authorised 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’.
Since the Cabinet approval, colleagues in each partner organisation have been working with the JDV Project Team (led by the WECA Temple Quarter Delivery Director), and their appointed consultants Eversheds Sutherland and Deloitte, to progress the establishment of the JDV.
Following professional advice the partners determined that a Limited liability Partnership (LLP) was the most appropriate form for the JDV to take, and accordingly, with legal support from all partners, have agreed the terms a LLP Agreement. This will be executed by the Council, WECA and Homes England at this time. It is expected that Network Rail will join in due course, and the agreement makes provision for this.
At this time there is no financial commitment from the Council (ie to fund the initial activities of LLP or otherwise).
At this time the project benefits from an interim business plan, designed to take the JDV to December 2024, by which time the partners expect to have developed a full business plan together with all supporting policies and strategies. These will be required before the JDV can commence full implementation of the TQ project.
Consultation has taken place with the Director of Finance, the Deputy Mayor and Cabinet member for Finance, Governance, Property and Culture and Director Legal and Democratic Services, who are supportive of the decision.