Cabinet resolved to:
(i) Agree that the Council company Be First Developments Limited shall be activated;
(ii) Agree, as shareholder, to the change of name of Be First Developments Limited to Be First Developments (Muller) Limited and to authorise the Chief Operating Officer to take all necessary action on behalf of the Council to effect that change, to agree the articles and to negotiate and agree service contracts for the directors and any shareholder agreements;
(iii) Agree to the proposed purchase of the former Muller site by Be First Developments (Muller) Limited on the terms set out in the report and authorise the Chief Operating Officer to negotiate and enter into all the necessary agreements on behalf of the Council and give approvals on behalf of the Council as shareholder and Chief Operating Officer, in consultation with the Director of Law and Governance, to complete on the proposed transaction subject to satisfactory due diligence and an independent valuation;
(iv) Agree to the Council borrowing the sum set out in Appendix 2 to the report, to finance the acquisition of the Former Muller Site including site purchase planning promotion and ground investigations works subject to all necessary due diligence dependant on confirmation, or otherwise of the site being a Transfer of a Going Concern;
(v) Agree to the formation of a new development holding company ‘Be First Development (Holdings) Ltd’ on the terms set out in the report, to be owned by the Council and hold Be First Developments (Muller) Limited as its subsidiary and to authorise the Chief Operating Officer to take all necessary action in connection with the creation of the company as Shareholder and Chief Operating Officer, in consultation with the Director of Law and Governance, including agreeing an interim business plan, Shareholder Agreement, making any necessary resolutions and entering any other associated legal documents and contracts to give effect to this proposal;
(vi) Agree to the appointment of Directors to the new companies as detailed in the report and to authorise the Chief Operating Officer, in consultation with the Director of Law and Governance, to agree any changes to the Boards;
(vii) Authorise the Chief Operating Officer, in consultation with the Director of Law and Governance, to agree the loan agreement and any associated guarantees and debentures referred to in the report and grant any indemnities subject to all necessary due diligence; and
(viii) Authorise the Chief Operating Officer, in consultation with the Investment Panel, to set up Companies with a nominal share value or Partnerships in preparation for Council Projects and to appoint interim Directors to those Companies or nominee partners to the partnerships.