Decision details

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 -