Issue - meetings

Further to Minute 79 (18 January 2022), the Cabinet Member for Finance, Performance and Core Services introduced a report on revised arrangements regarding the proposed sale of the former Muller dairy site, Selinas Lane, Chadwell Heath.

Cabinet resolved to:

(i)  Agree that the Council, in its capacity as the Shareholder of Be First Developments (Muller) Limited, approves the disposal of the site, shown edged red in Appendix 1 to the report, to the new preferred bidder in accordance with the terms set out in Appendix 4 to the report;

(ii)  Authorise the Director of Finance and Investments, on behalf of the Council as shareholder and in consultation with the Strategic Director, Law and Governance, to instruct Be First Developments (Muller) Limited to enter into all necessary documents to finalise the transaction in accordance with the Heads of Terms at Appendix 4 to the report, for the disposal to the new preferred bidder and to successfully conclude the bidding and sale exercise; and

(iii)  Approve the repayment of the loan from Be First Developments (Muller) Limited and entry by the Council into all necessary documents to effect the repayment and release of associated security.