Decision details

On 30 March 2021 Cabinet approved the expenditure of £167,000 to support the interim vehicle (EM Dev Co Limited) for the first year. The second recommendation of that report delegated authority to the Strategic Director (Place) in consultation with the Portfolio Holder for Planning and
Infrastructure to “approve the detailed terms of the funding agreement and ancillary documents/agreements to give effect to the expenditure and to facilitate the incorporation and operation of the interim vehicle”

External solicitors (Browne Jacobson) have been instructed on behalf of the Council, Rushcliffe Borough Council and Broxtowe Borough Council to negotiate a funding agreement for this payment. The form of funding agreement has been agreed as a grant agreement and the final form of agreement has been approved by both the external solicitors and the in-house legal team. Upon execution, the Council will be bound to make the payment of £167,000 in accordance with the terms of that agreement.

The Strategic Director for Place has consulted with the Portfolio Holder and confirms approval of the grant agreement.

The agreement is necessary to formalise the payment to EM Dev Co Limited approved by Cabinet.

None – agreement is required to give effect to the payment