To agree to revisions to the Mercury Land Holdings business plan including budget profiles

Cabinet

1.       Approved the Mercury Land Holdings Limited Business Plan Update (see Exempt Appendix 3).

2.       Agreed to delegate authority to the Cabinet Member for Regeneration & Development, in consultation with the S151 Officer, the Strategic Director of Place and the Monitoring Officer, to approve the detailed business cases, related viability assessments and funding requirements for the individual schemes noted within the Business Plan as they may be presented during the business plan period, including the authority to enter into all relevant agreements to give effect to the schemes.

3.       Agreed that the previously allocated funding in the July 2023-2026 Business Plan to MLH, up to a maximum of £270.1 million, is reallocated to projects as updated in the Exempt Agenda, through a combination of equity investment and Subsidy Control compliant loans.

4.       Noted that the individual schemes are subject to detailed business cases to be approved under delegated authority, as set out in Recommendation 2.

5.       Agreed to delegate to the Strategic Director of Resources, in consultation with the Assistant Director of Regeneration and Place Shaping, and the Deputy 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.