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On 8 November 2022, Cabinet:-
(i) Approved the appointment of a development partner for the Arden Cross Interchange Triangle Site as detailed in the Exempt Appendix 3 to the report;
(ii) Approved ACL reverting to the under bidders in the event of failure to complete and proceed to completion;
(iii) Approved the proposed terms and completion of the Commercial Terms of the Development Agreement by ACL as set out in Exempt Appendix 5 to the report;
(iv) Authorised the Leader of the Council in conjunction with the Strategic Director of Council Management and Strategic Director Place, Prosperity and Sustainability to agree final terms and Development Agreement (DA) to be entered into by ACL;
(v) Noted ACL’s revenue budget for 2022/23 and approved Birmingham City Council’s (BCC) contribution as per the terms of the ACL Shareholders Agreement, identified at Exempt Appendix 7 to the report;
(vi) Authorised the City Solicitor (or their delegate) to negotiate, execute and complete all relevant documentation required to give effect to the above recommendation;
(vii) Authorised the Assistant Director of Investment and Valuation or nominated appointee (Head of Property and Valuation) to carry out preparatory work and enter into any relevant negotiations involving the Council.
THE DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 14 NOVEMBER 2022.
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