Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: July 7, 2025

Purpose: The council is proposing to establish a new joint venture to progress regeneration of the Town Hall Quarter.

Content: Resolved –   1.         that Cabinet agrees to the council establishing a limited liability partnership (LLP), for the purpose of the regeneration of the Town Hall Quarter, subject to the satisfactory conclusion of final negotiations with Mace – the LLP will be set up by the entering into a Members' Agreement under which the LLP will have two members, the council and Mace, each with an equal 50% interest.    2.         that a contract award is formally made to Mace pursuant to the procurement exercise undertaken to select a joint venture partner, once any necessary negotiations have concluded and commitments confirmed.   3.         that Cabinet agrees that political oversight of the project will be maintained through a combination of the Town Hall Quarter Member Steering Group, which will monitor scheme design, composition and associated stakeholder engagement, and the existing joint venture Shareholder Board, which will monitor commercial aspects of the development, the functioning of the joint venture and the on-going relationship with Mace. Cabinet will remain responsible for the approval of the Business Plan on an annual basis.   4.         that Cabinet authorises the Director of Regeneration and Growth and Monitoring Officer, in consultation with the Mayor, the Portfolio Holder for Property, Resources and Customer Services and the Portfolio Holder for Finance to agree the final form of legal agreements to be entered into by the council (and by the LLP), including: ·        the Members' Agreement, by which the council and LLP will establish the LLP (including the governance arrangements for the LLP, financial arrangements, and business planning process); ·        the Land Agreement between the council and the LLP, which will grant exclusive rights of development to the LLP over council owned land in the Town Hall Quarter (as defined in paragraph 4.7), and by which such land will be drawn down for development by the LLP pursuant to the satisfaction of conditions precedent; ·        the Development Management Agreement to be entered into between the LLP and Mace, who will be providing the development management services to the LLP; ·        all other associated agreements and documents by which the LLP is to be established, including the final form of the Business Plan (Appendix B, which is a Part B) including the Procurement Policy; and ·        agree the name for the LLP.   5.         that Cabinet appoints directors to the JV and Partnership Boards of the LLP to act on behalf of the council as set out in paragraph 4.23 of the report.   6.         that Cabinet notes that £5m has been allocated in the council’s medium term financial scheme towards funding the LLP and authorises council directors of the LLP, in consultation with the Portfolio Holder for Finance, to sign loan notes up to this amount.