Purpose

                        
i.       
Provide a context and summarises the background to the planning and
procurement of the Manydown North project.

                      
ii.       
Secure a delegated approval to finalise and complete the MDV LLP
Overarching Business Plan and Key Phase 1 Business Plan for the
Manydown North land.

                     
iii.       
Secure approval to the principles of the proposed financial Deal
Structure and summarises the associated legal, procurement and
financial issues of the proposed basis of acquisition, and the
required  due diligence exercise.

 

                     
iv.       
Provide a confidential update on the forecast returns from the
Financial Model.

                      
v.        
Secure a delegated approval to finalise the terms of the Deal
Structure and following a Gateway Review process to conclude the
acquisition and enable commencement of development.
 

                     
vi.       
Seek approval to the MDV LLP 2023/24 budget, however, the full
release of the budget being subject to the completion and freehold
transfer.
 

Decision

1.   
Delegate authority to the Executive Director Corporate Services and
Assets (S151 Officer) in consultation with, Project Director
Manydown and Chief Operating Officer
MGC LLP, Head of Law and Governance and Monitoring Officer and
Cabinet Member for Major Projects and Regeneration to work with
Hampshire County Council officers (and our mutual external
advisors) to conclude negotiations with The Manydown Company Ltd and related companies
(including Manydown 2018 Limited and
Passdown Property Company Limited), in
line with the principles set out in Confidential Appendix 1 and,
subject to completing the necessary due diligence, and following a
Gateway Review, to complete the purchase of the Manydown North land.
 
2.   
Approve the principle of the identified changes to the Joint
Venture contractual agreements (as summarised in Confidential
Appendix 1) to enable the Manydown
North land acquisition to be concluded and delegate authority to
the Executive Director Corporate Services and Assets (S151 Officer)
in consultation with, Project Director Manydown and Chief Operating Officer MGC LLP, Head
of Law and Governance and Monitoring Officer and Cabinet Member for
Major Projects and Regeneration to work with Hampshire County
Council officers (and our mutual advisors) to agree any minor
amendments and finalise the agreements.

 

3.   
Approve the scope and principles of the Overarching Business Plan
(OBP) and Key Phase 1 Business Plan as summarised in the report and
provided at Confidential Appendix 5 and 6, also subject to the
Manydown Garden Communities LLP
approval and delegate authority to the Executive Director Corporate
Services and Assets (S151 Officer) in consultation with, Project
Director Manydown and Chief Operating
Officer MGC LLP, Head of Law and Governance and Monitoring Officer
and Cabinet Member for Major Projects and Regeneration to agree any
minor amendments and finalise in accordance with the contractual
agreements.

4.   
Delegate authority to the Executive Director
Corporate Services and Assets (S151 Officer) in consultation with,
Project Director Manydown and Chief
Operating Officer MGC LLP, Head of Law and Governance and
Monitoring Officer and Cabinet Member for Major Projects and
Regeneration to authorise release of the MDV LLP
2023/24 Budget, subject to a cap of £1.5M being released for
spend until the freehold transfer to MGC LLP has been
completed.

5.   
Delegate authority to the Executive Director Corporate Services and
Assets (S151 Officer) in consultation with, Project Director
Manydown and Chief Operating Officer
MGC LLP and Cabinet Member for Major Projects and Regeneration to
consider any recommendations or comments arising from the
Manydown Overview Committee to inform
the Gateway Review process outlined at Recommendation 1.