Issue - meetings

The report provides an update and seeks approval to enter into a Conditional Land Sale Agreement (CLSA) with the “Purchaser”, a UK-registered subsidiary company that has General Mediterranean Holdings SA (GMH – a Luxembourg-registered business) as the parent company and Harborough Invest Inc (a British Virgin Islands based business), who already own part of the development site as the second guarantor of the Purchaser's obligations under this CLSA.

RESOLVED:

      i.        Cabinet agreed to enter a Conditional Land Sale Agreement (CLSA) with the “Purchaser” a UK-registered subsidiary company (still to be formed) that has General Mediterranean Holdings SA as the parent company and Harborough Invest Inc as the second guarantor.

    ii.        Cabinet acknowledged that the sale of the Council's surplus land to the Purchaser under this CLSA is subject to the following Conditions:

a.    -The “Planning Condition”

-       The “Vacant Possession Condition” and

-       The “Financial Viability Condition.

   iii.        Cabinet noted that the price payable by the Purchaser for the land it purchases from the Council will be re-calculated following satisfaction of the Conditions, with a development appraisal ascertaining the residual value of the land.

   iv.        Cabinet delegated authority to the Strategic Director, Resources, consultation with the Portfolio Lead Member for  Property, in respect the negotiation and entering of a Conditional Land Sale Agreement with the “Purchaser” and awarding any professional services contracts relating to progressing the redevelopment plans for a new leisure centre at Bridge Park.

Councillor Muhammed Butt, Leader of the Council, introduced the report which followed on from the four previous reports.

He stated that the report provides an update and seeks approval to enter into a Conditional Land Sale Agreement (CLSA) with the “Purchaser”, a UK-registered subsidiary company that has General Mediterranean Holdings SA (GMH – a Luxembourg-registered business) as the parent company and Harborough Invest Inc (a British Virgin Islands based business), who already own part of the development site as the second guarantor of the Purchaser's obligations under this CLSA.

RESOLVED:

      i.        Cabinet agreed to enter a Conditional Land Sale Agreement (CLSA) with the “Purchaser” a UK-registered subsidiary company (still to be formed) that has General Mediterranean Holdings SA as the parent company and Harborough Invest Inc as the second guarantor.

    ii.        Cabinet acknowledged that the sale of the Council's surplus land to the Purchaser under this CLSA is subject to the following Conditions:

a.    -The “Planning Condition”

-       The “Vacant Possession Condition” and

-       The “Financial Viability Condition.

   iii.        Cabinet noted that the price payable by the Purchaser for the land it purchases from the Council will be re-calculated following satisfaction of the Conditions, with a development appraisal ascertaining the residual value of the land.

   iv.        Cabinet delegated authority to the Strategic Director, Resources, consultation with the Portfolio Lead Member for  Property, in respect the negotiation and entering of a Conditional Land Sale Agreement with the “Purchaser” and awarding any professional services contracts relating to progressing the redevelopment plans for a new leisure centre at Bridge Park.