Purpose

On 22 January 2024, this Committee authorised
the Director of Regeneration and Place, in consultation with the
Director of Finance, to approve the novation of the Grant Funding
Agreement for the Egerton Village project from Peel L&P
Investments and Property Limited to Starship Regeneration Egerton
Village Limited with Peel L&P Holdings (UK) Ltd acting as
continuing Guarantor, subject to a number of requirements being
satisfied by the parties involved. Egerton Village is proposed as
new high quality mixed-use development to come forward within
Wirral Waters.

Decision

Resolved –
That
 
1. 
The Director of Regeneration and Place in consultation with the
Director of Finance be authorised to proceed with a  novation  of
the  grant agreement  relating to  the
Egerton Village project between the Council  and  Peel L&P
Investments and Property Limited 
(with  Peel L&P Holdings (UK)
Ltd  acting as guarantor)  to Starship Regeneration Egerton Village Limited
subject to any remaining pre-conditions for novation, as resolved
by this Committee on 22 January 2024, being satisfied,
and;
 
2. 
The Director of Law and Corporate Services be authorised to
agree and finalise the Deed of Novation of the Grant Agreement with
the relevant parties, subject to ‘step in’ rights
described in para 3.3 of Appendix 1 being incorporated but without
a guarantee from Peel L&P Holdings (UK) Ltd as set out in
paragraph 3.4 of Appendix 1.