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Cabinet RESOLVED;
 
2.1 To approve that the Council
disposes of 90 Central Parade to MV Developments and any associated
partners (“Investor”), which will be conditional upon
receiving planning permission, and enter into Heads of Terms and
subsequently a Conditional land sale agreement (or similar) for the
value set out in the confidential Part B report; and an Agreement
for Headlease with the Investor or an associated entity for the
provision of an exempt supported accommodation scheme for care
experienced young people.
 
2.2 To note that the disposal
meets best consideration as detailed within the confidential Part B
Appendix C.
 
2.3 To approve that the Council
enters into Heads of Terms and subsequently into an agreement for
underlease at 90 Central Parade with YMCA.
 
2.4 To delegate to Corporate
Director of Children, Young People and Education, in consultation
with the Executive Mayor, Cabinet Member for Finance, Cabinet
Member for Homes, Cabinet Member for Children and Young People,
Corporate Director of Resources, Corporate Director of Housing and
Director of Commercial Investment and Capital to finalise and enter
into all relevant final agreements related to the Conditional sale
purchase agreement, Headlease, Underlease and Nomination agreement,
including Heads of Terms and Agreement for Leases, subject to final
financial and legal due diligence; and to take all steps to
implement those agreements.
 
2.5 To note that the proposal
set out in this report can only progress once MV Developments
receive necessary planning approval and reach practical completion
in relation to the development. The full planning and development
risk remains with the developer.
 
2.6 To delegate authority to
the Corporate Director of Children, Young People and Education, in
consultation with Corporate Director of Resources, the Executive
Mayor, Cabinet Member for Finance and Cabinet Member for Homes, to
renegotiate terms of the Headlease or Underlease along with any
documents preceding the main leases, should this be required prior
to completion, but not to deviate by more than £1 million
from reported benefits of this proposal as set out within this
report.
 
2.7 To delegate to Corporate
Director of Children, Young People and Education in consultation
with Cabinet Member for Housing and Corporate Director of Housing
to finalise and enter into a Nominations Agreement.
 
2.8 To note, subject to
Recommendation 2.3, 2.4 and 2.7, that the Council will hold 100%
Nomination rights for all 34 residential units for the period of
the lease.
 
2.9 To note risks identified as
part of this project are detailed within section 10 of this
report.