Decision details

Joint Venture Business Plan

Decision Maker: Executive

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To agree recommendation for LLP to adopt the Joint Venture Business plan

Decision:

RECOMMENDED that Council:

 

       i)          approve the first proposed JV Business Plan for the Bracknell Forest

Limited Liability Partnership joint venture between the Council and

Countryside Properties (UK) Ltd as set out in Annex A/A1 and confidential Annex B of the Director: Finances report.

 

      ii)          approve the proposed Site Development Plan for Coopers Hill for

“Bracknell Forest Limited Liability Partnership”, including land drawdown where conditions have been met as set out in confidential Annex C of the Director: Finances report and the Council’s equal share of funding needed to undertake this development of up to £2.25m;

 

    iii)          Subject to recommendations 2.1 and 2.2 being approved by the Executive and Council, to note that the formal Incorporation of the JV and execution of the associated legal contract documentation for “Bracknell Forest Limited Liability Partnership JV” will take place in December 2020;

Reasons for the decision:

The recommendations support the fulfilment of the JV project’s aims and objectives

and form the final step toward Incorporation of the “Bracknell Forest Limited Liability

Partnership” and the completion of the associated legal contract documentation”.

There have been no material changes made to the suite of legal contracts as set out

in the 14th July report to the Executive

 

The Cooper’s Hill Site Development Plan is a proposal for development of the

Cooper’s Hill site. This will be refined during the next 2 months and will be subject to

several conditions being fulfilled as laid out in the Site Development Plan, including

securing planning permission and fulfilling best consideration requirements for the

land value.

Alternative options considered:

The Executive could decide not to endorse the recommendations made in this report.

This would mean that the Council may need to develop an alternative approach to

securing development of identified sites in and around Bracknell town centre. The

Business Case that informed the Executive’s decision in February 2019 indicated

that alternative approaches would be less likely to deliver the agreed objectives.

Interests and Nature of Interests Declared:

None

Reason Key: Expenditure >£400,000 & Affects more than 1 ward.;

Wards Affected: (All Wards);

Financial Impact: To be determined.

Declarations: None

Subject to Urgent Proceedings: No

Making Representations: Director:Resources

Other reasons / organisations consulted

None

Consultees

None.

Contact: Sarah Holman, Transformation Project Manager Email: sarah.holman@bracknell-forest.gov.uk Tel: 01344 354197.

Report author: Sarah Holman

Publication date: 10/11/2020

Date of decision: 10/11/2020

Decided at meeting: 10/11/2020 - Executive

Effective from: 18/11/2020

Accompanying Documents: