On 25 April 2023, Cabinet:-
(i) Noted the contents of the report and the
update on the proposed development of Edgbaston Cricket Ground;
(ii) Noted the proposal for a further loan or
investment facility of up to £32m (at current prices), subject to the completion
of a satisfactory Green Book Appraisal, the granting of planning approval and
agreement of satisfactory terms, including the provision of suitable security,
with the Cricket Club;
(iii) Authorised the Strategic Director of
Place, Prosperity and Sustainability to appoint advisors to prepare the Green
Book Appraisal to include specialist advice to assess the pricing point at
commercial rate and funding strategy;
(iv) Noted that in the event of the completion
of a satisfactory Green Book Appraisal and other assurances a further report
will be made to Cabinet;
(v) Authorised the City Solicitor to
negotiate, execute, seal and complete all necessary documentation to give
effect to the above recommendations.
THE
DEADLINE FOR CALL IN IS 1600 HOURS ON TUESDAY 2 MAY 2023.