Decision details

Mercury Land Holdings Annual Business Plan

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No


Cabinet will be asked to approve the Mercury Land Holdings Business Plan and Supplementary Project Business Cases as required.



1.       Approved the Mercury Land Holdings Limited Business Plan 2020/21 (Contained with the Appendices to Exempt Agenda)


2.       Agreed to delegate authority to the Leader of the Council, after consultation with the s151 Officer, the Director of Regeneration Programme Delivery and the Director of Legal and Governance, to approve the detailed business cases, related viability assessments and funding requirement for the individual schemes noted within the Business Plan as they may be presented during the business plan period in order to enable them to proceed.


3.       Agreed in principle to provide additional gross investment of £92.6m capital funding to MLH up to a maximum of £228 million (effective from 2020/21) in respect of projects contained in Exempt Agenda through a combination of equity investment and state aid compliant loans subject to detailed approved business cases made under delegated authority in recommendation 2 above.


4.       Agreed to delegate authority to the S151 Officer to agree, after consultation with the Director of Legal and Governance, the completion of all relevant agreements and appointments of relevant professionals relating to the provision of debt finance by the Council to MLH. 


5.       Agreed to delegate to the S151 Officer, following consultation with the Director of Asset Management, and the Director of Legal and Governance, the authority to determine the principles and processes by which any assets shall be disposed of and the terms of disposal to MLH.



Publication date: 18/09/2019

Date of decision: 18/09/2019

Decided at meeting: 18/09/2019 - Cabinet

Accompanying Documents: