Decision Maker: Chief Executive
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: No
To approve the Council’s purchase of 65%
of the company to be registered and known as Ashford International
Development Company, currently referred to as the New Town Works
Company.
Exercise of Chief Executive's delegation granted at the Cabinet
Meeting on 27th January 2022 - Minute No 259(iii)/1/22
refers.
Recommended:
(iii)responsibility for finalising the deal and sign-off be
delegated to the Chief Executive, in consultation with the
Executive Leader, subject to satisfactory oversight of a Due
Diligence Working Group which will include the Chair of Overview
and Scrutiny and the Portfolio Holders for Finance and IT and
Regeneration and Corporate Property.
DECISION OF CHIEF EXECUTIVE OFFICER
Further to the satisfactory oversight of the New Town Works Due
Diligence Working Group, I Tracey Kerly, Chief Executive Officer of
Ashford Borough Council, having taken account of the Project Risk
Assessment and having consulted with the Executive Leader, approve
the Council’s purchase of 65% of the company to be registered
and known as Ashford International Development Company, currently
referred to as the New Town Works Company. As part of this
decision, I authorise the putting in place of proper governance
arrangements by way of amendments to the TEB terms of reference in
order to bring the Ashford International Development Company within
the oversight of TEB.
Now in accordance with the authority delegated to me, I hereby
authorise the Solicitor to the Council and the Principal Solicitor
(Property) to execute and complete the following documents and
instruct the transfer of an amount equal to the Completion Payment
(£1,426,695) to the Seller's solicitors’ client account
on completion.
•Share Purchase Agreement
•tax deed
•Development Management Agreement
•the Disclosure Letter
•the Shareholders’ Agreement and the New Articles
Option 1 - To not proceed with the
purchase
Option 2 -
Option 3 -
Reason Key: Expenditure > £500,000;
Contact: Tracey Kerly, Chief Executive Officer Email: tracey.kerly@ashford.gov.uk Email: tracey.kerly@ashford.gov.uk Tel: 01233 330201.
Publication date: 11/05/2022
Date of decision: 11/05/2022
Accompanying Documents: