Purpose

The report seeks approval for a general delegated authority to release B and C loan note security charges secured by way of legal mortgage held by the Council over the Manydown North development site in accordance with each MGC LLP approved land, parcel or plot disposal, either sale or long leasehold interest.

Decision

Approve a general delegated authority to the Director of Regeneration upon receipt of an Officer Decision Report from MGC LLP, relating to a parcel, plot or land sale, to release B and C loan note Security Charges secured by way of legal mortgage held across the Manydown North Development Site and in consultation with the Head of Law and Governance and Monitoring Officer to review the risk of inadvertent release of such security.

Reasons for the decision

A general delegated authority for the release of financial security charges will improve operational efficiency whilst maintaining appropriate governance, legal oversight and financial control.

Alternative options considered

The alternative is to not make the proposed changes which risks delays to MGC LLP being able to exchange contracts on approved land transactions.