Cabinet:

1.       Approved the Mercury Land Holdings Limited Business Plan 2019/20 attached at exempt Appendix 2 of the report.

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, approves the detailed business cases and 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 total capital funding to MLH up to a maximum of £135.85 million in respect of projects contained in exempt Appendix 2 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 sS151 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.

Cllr Roger Ramsey presented the report to Cabinet detailing the Mercury Land Holdings (MLH) Business Plan and Budget Update.  MLH was established in November, 2015 with the Council acting as both shareholder and funder.  The Council’s objectives for setting up the company were to generate an acceptable return for the  ...  view the full minutes text for item 40