Cabinet resolved to:
(i) Approve the Be First Business Plan 2021-26, as set out at Appendix 1 to the report.
(ii) Approve the Be First Developments (Muller) Ltd Business Plan 2021-22, as set out Appendix 2 to the report;
(iii) Authorise the Chief Operating Officer, in consultation with and on the advice of the Investment Panel, to take all necessary action to enable Be First or Be First Developments (Muller) Ltd to carry out its proposals under the Business Plan and to agree any minor variations to the Business Plans subject to the conditions in these recommendations;
(iv) Approve Be First, Be First Developments (Muller) Ltd or the Council to enter into any procurement related agreement or commitment required to enable the delivery of the Business Plans, subject to compliance with relevant procurement regulation and with State Aid rules;
(v) Agree that if Be First enter into contractual arrangements described in the Business Plans and the report, the Council shall give a guarantee to the contractor under such contract guaranteeing performance of the contract by Be First, subject to Be First being satisfied that the contractor is able to perform the contract and all necessary due diligence being undertaken;
(vi) Authorise the Chief Operating Officer to enter into any such guarantee and any necessary documents to give effect to the contractual arrangements as described, subject to the above conditions and the advice of the Director of Law and Governance;
(vii) Note the dividend strategy as set out within the Be First Business Plan and note that it may be necessary to increase the existing working capital loan facility to support the Be First cash positions as set out within the report;
(viii) Authorise the Chief Operating Officer, in consultation with and on the advice of the Investment Panel, to grant loans and complete all necessary documents and negotiations to complete the projects set out in the Business Plans subject to all necessary due diligence and compliance with State Aid rules, the Public Contracts Regulations 2015 (or any replacement thereof) and the Council’s Constitution;
(ix) Delegate authority to the Chief Operating Officer, in consultation with the Shareholder Panel, to approve a long-term strategy for the use of Special Purpose Vehicles (SPVs) and authorise the Director of Law and Governance to complete any documents and legal agreements necessary to give effect to that strategy in future acquisitions; and
(x) Note the progress in developing innovative mixed-use schemes, including 12 Thames Road as referred to in paragraph 3.3 of the report, and authorise the Chief Operating Officer, in consultation with and on the advice of the Investment Panel, to enter into all necessary legal documents to give effect to the schemes.