Purpose

To revise the terms set out in the July 2023
Cabinet paper for the original land acquisition

Content

The Leader AGREED:
Pursuant to
the July 2023 report to Cabinet
To acquire reduced
demise (“Plot 1A”) compared to original site demise
(“Plot 1”) identified in the July 2023 Cabinet paper on
the revised terms set out in the Confidential Annex.
Plot 1A
excludes the hatched area of Plot 1 as the buyer of the Lloyds
building (Plot 2) now requires this additional land to be included
as part of its acquisition. Plot 1A also includes an additional
small parcel of land to the north of Plot 1 close to the main
vehicular access point. The adjustment from the original Cabinet
approved land acquisition results in the loss of 21 car parking
spaces. Land now being acquired excluding the access
road is circa 1.07 acres providing 156 additional usable car
parking spaces.
Extent of
Plot 1A is shown in Site Plans contained in Appendix 1.
To authorise the
Service Director for Property and Assets in consultation with the
Cabinet Member for Accessible Housing and Resources and the S.151
Officer to conclude negotiations, complete due diligence, arrange
finance and exchange/complete on the transaction as set out in this
paper and the Confidential Annex.
 
To authorise removal
of the 3 charges against the title of The Gateway Car Park the
Council has in respect of the security loans given to Aylesbury
Vale Estates.
 
There are 3 loan agreements between
Buckinghamshire Council (previously legacy Aylesbury Vale District
Council) and Aylesbury Vale Estates LLP. This has resulted in the
Property being subject to 3 charges. These charges need to be
released for the Council to purchase the Property.
 
There are three charges and restrictions on
the First Title in favour of Buckinghamshire Council in respect of
three loan agreements made between (1) Aylesbury Vale
DistrictCouncil and (2) Aylesbury Vale Estates LLP known as:
 

(a)   
Security Agreement dated 12 October 2009.
 

(b)  
Security Agreement Short?Term Debt Loan Notes dated 12 October
2009; and
 

(c)   
Supplemental Security Agreement dated 31 August 2012.
 
These debts have been secured as fixed and
floating charges against Aylesbury Vale Estate LLP on Companies
House and against the First Title of the Property.
 
The Seller has confirmed these 3 charges are
to be removed from the First Title on completion of the sale. The
Council needs to authorise removal of these 3 charges before
completion of the sale.
 
This decision
is being taken under the ‘special urgency’ provisions
of the constitution due to the timescales involved for exchange and
completion.