Graven Hill
**Please note, this report will follow; information unavailable at date of agenda dispatch.**
Exempt Report of Director (Bicester)
Additional documents:
Decision:
Resolved
(1) That the creation of 2 companies (limited by shares) comprising Graven Hill Village Holding Company - wholly owned by the Council and Graven Hill Village Development Company – owned 99% by the Graven Hill Village Holding Company and 1% by the Council to own and deliver Graven Hill have been set up and Directors appointed be noted.
(2) That the updated financial implications for the Council and Companies be noted.
(3) That it be noted that the acquisition of the MOD land was completed on 11 August 2014 by Cherwell District Council and then simultaneously sold to the Graven Hill Village Development Company.
(4) That the proposed membership of the Partnering Board (5 Elected Members - former members of the Graven Hill Project Board and Leader of the Opposition group and the Council’s S 151 Officer and the Monitoring Officer) be noted and it be further noted that this group will have responsibility for safeguarding the Council’s equity investment and lending to the Company by undertaking more detailed monitoring of the Business Plan and providing advice and recommendations to Executive.
(5) That it be noted that the Graven Hill delivery plan will be presented to the Executive in November 2014.
Minutes:
The Commercial Director (Bicester) submitted an exempt report which updated members on the acquisition of the MOD land and the financial appraisal of the Graven Hill project, and set out how the project would be governed going forward.
Resolved
(1) That the creation of 2 companies (limited by shares) comprising Graven Hill Village Holding Company - wholly owned by the Council and Graven Hill Village Development Company – owned 99% by the Graven Hill Village Holding Company and 1% by the Council to own and deliver Graven Hill have been set up and Directors appointed be noted.
(2) That the updated financial implications for the Council and Companies be noted.
(3) That it be noted that the acquisition of the MOD land was completed on 11 August 2014 by Cherwell District Council and then simultaneously sold to the Graven Hill Village Development Company.
(4) That the proposed membership of the Partnering Board (5 Elected Members - former members of the Graven Hill Project Board and Leader of the Opposition group and the Council’s S 151 Officer and the Monitoring Officer) be noted and it be further noted that this group will have responsibility for safeguarding the Council’s equity investment and lending to the Company by undertaking more detailed monitoring of the Business Plan and providing advice and recommendations to Executive.
(5) That it be noted that the Graven Hill delivery plan will be presented to the Executive in November 2014.
Reasons
There were a number of pieces of work underway that needed to be completed ahead of completing the approved acquisition of the land. These tasks have now been completed and the land transaction has been completed.
This is a significant investment for the Council and one that is innovative and delivers many positive benefits to the District. It is therefore imperative that the strong governance that has been in place up to now continues and these proposals will ensure that governance remains strong and is appropriate in relation to the project risks.
After the Partnering Board scheduled for October 2014 has taken place an update on the Graven hill Business Plan will be presented to the Executive in November 2014.
Alternative Options
Alternative options were given in the June 2014 report and these were rejected. If required by the Executive then governance proposals can be reviewed and amended as necessary.