The Head of Corporate Assets submitted a report (previously circulated, now appended) advising the Board of the outcome of the detailed tendering exercise undertaken for the procurement of a co-investment partner, as well as seeking approval and confirmation of the preferred bidder with a view to the Council entering into a Joint Venture vehicle, as detailed in the report, with that preferred bidder.

Resolved to:-

(1)   Note the contents of the report, particularly the structure, detail and process of evaluation that had been undertaken;

(2)   Note the outcome and conclusions of the value-for-money comparator work undertaken;

(3)   Approve the selection of Grosvenor Developments Ltd (‘Grosvenor’) as the preferred private sector co-investment partner;

(4)   Grant delegated authority to the Executive Director, Regeneration and Housing to authorise the Council’s entry into a limited liability joint venture partnership (“LLP”) with Grosvenor, the principles of the LLP to be consistent with the provisions of the Heads of Terms attached to the report in the Not for Publication appendix;

(5)   Agree that upon establishment of the Joint Venture to authorise the transfer of the Council’s freehold interest in the site to the LLP on the terms as set out in the report, and the Not for Publication Appendix, and otherwise on detailed terms and conditions to be approved by the Head of Corporate Assets;

(6)   Confirm the appointment of the Chief Executive, the Executive Director Regeneration and Housing and the Corporate Director Finance and Efficiency as the Council’s three representatives on the Board of the Joint Venture;

(7)   Confirm the appointment of an appropriate number of officers of the Council to serve as members of the Executive Project Group of the LLP, to be appointed by the Executive Director Regeneration and Housing;

(8)   Agree the placing of any voluntary notice in regard to the procurement exercise as is considered appropriate to give adequate notice of the Council’s selection of its co-investment partner; and

(9)   Agree that St Modwen will be held as the preferred under-bidder, subject to a further report back to the Board before any action is taken in this respect.