Entering into a Joint Venture Agreement to Promote a Strategic Land Opportunity
Report of the Director of Property Services and Development
(Listing Officer: A Hunt, Tel: 024 7697 6853)
Additional documents:
Minutes:
Further to Minute 79 above, the Cabinet considered a private report of the Director of Property Services and Development and the Director of Business, Investment and Culture, which set out the commercially confidential matters relating to proposals to enter into a joint venture arrangement with Coventry Airport Limited in order to promote the Coventry Airport site as a location for a Gigafactory or, if the Gigafactory proposal is not forthcoming, employment let commercial development.
RESOLVED that, the Cabinet:
1. Approve the Council entering into a joint venture arrangement with Coventry Airport Limited to promote the Coventry Airport site for use as a Gigafactory or employment led commercial development.
2. Delegate authority to the Director of Property Services and Development and the Director of Law and Governance, following consultation with the Director of Finance (the Section 151 Officer) and the Cabinet Member for Jobs and Regeneration, to undertake the necessary due diligence and to approve the structure of the joint venture arrangements and, thereafter, enter into associated legal agreements (including the authority to effect any lease variations / surrender and any future disposal if appropriate( that are necessary to deliver the joint venture arrangements and to give effect to the recommendations within the report submitted.
3. Approve expenditure of up to £250,000 from reserves in advance of future capital receipts to fund the workstreams required to further develop the Gigafactory proposal (including further technical feasibility and business case development).
4. Approve expenditure of up to £1m (as a 50% share) from reserves in advance of future capital receipts to fund the work streams required to take forward the entry into the joint venture arrangements, the submission of the planning application and disposal process (if appropriate) for the Coventry Airport site.