Decision details

The Cabinet will be asked to consider and approve a revised funding structure in respect of the 0% interest element of the loan taken out to purchase the site in 2020.

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 preferred bidder on an unconditional basis, in accordance with the terms set out in Appendix 2 to the report;

(ii)  Agree that the Council authorises, as Shareholder of Be First Developments (Muller) and in conjunction with the Directors of the Company, the conversion of the zero percent element of the loan to equity by issuing new share capital in the event of the sale not being completed by 31 March 2022;

(iii)  Authorise the Managing Director, in consultation with the Strategic Director, Law and Governance, to repatriate any profits issued by Be First Developments (Muller) Ltd back to the Council;

(iv)  Authorise the Managing Director to undertake any action or execute any legal documents required to wind up/liquidate the company; and

(v)  Delegate authority to the Managing Director, in consultation with the Strategic Director, Law and Governance, to agree and enter into any legal agreements and contract documents to fully implement the above proposals.