Variation of Members Agreement

The Head of Regeneration and Property introduced the report and responded to questions.

RESOLVED

That Cabinet:

1.         Notes the progress to date on the Riverwell project.

2.         Approves the transfer of land, known as Block E to the LABV and as a member of the LABV to approve the onward sale of the land for the development of 144 residential units subject to satisfactory independent valuation and approves  amendments to the existing legal documentation to allow this.

3.         Delegates to the Managing Director and Finance Director authority to vary the agreed price set out in this report should negotiations require acceptable amendments subject to agreement with the LABV partnership board.

4.         Agrees to amend the Membership Agreement and the Development Agreement of the LABV to allow future sales of development plots to third parties in accordance with the Business Plan approved by the Partnership Board of the LABV.

5.         Notes and approves changes to the masterplan and draft business plan produced in April 2019.