URL: https://democracy.basingstoke.gov.uk/ieDecisionDetails.aspx?ID=500000018

Decision Maker: Leader of the Council

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: To seek approval for MGC LLP as a member of MDV LLP to enter into a senior debt facility with Homes England.

Content: To seek approval for MGC LLP as a member of MDV LLP to enter into a senior debt facility with Homes England. 1.  The Council, as a member of MGC LLP, approves MGC LLP as a member of MDV LLP, entering the Homes and Communities Agency (Homes England) Loan Facility Agreement, the Deed of Variation of the MDV LLP Members Agreement and associated security/finance documents, including a debenture, in respect of the Development Site at Manydown North and authorises their execution and completion subject to paragraph 4 below.   2.  Subject to paragraph 4 below the Council, as a member of MGC LLP, agrees to and authorises the execution and completion of the documentation to:   a)      grant a first ranking legal charge to Homes England over the Development Site – Appendix 3 of the report. b)      enter into the Direct Agreement with Homes England. c)      enter into the Deed of Variation to the MGC LLP (TopCo) Members Agreement. d)      enter into the Assignment of Agreements with Homes England. e)      approve and enter into the Third Variation to the Development Agreement and the Collateral Agreement to the Development Agreement. f)       approve and enter into Second Variation to the Land Agreement. g)      approve and enter into the Deed of Amendment and Restatement relating to the MDV Members’ Agreement Deed of Guarantee. h)      approve and enter into the Deed of Guarantee in respect of the MDV Members’ Agreement. i)        approve and enter into the Deed of Amendment and Restatement to the MGC LLP (TopCo) Members Agreement. j)        enter into the Senior Intercreditor Agreement   3.  Subject to paragraph 4 below, that the Council on its own behalf agrees to enter into:   a)      the Direct Agreement b)      the Senior Intercreditor Agreement c)      the Third Variation of the Development Agreement d)      the Collateral Agreement to the Development Agreement e)      the Second Variation to the Land Agreement f)        the Deed of Amendment and Restatement to the MGC LLP (TopCo) Members Agreement.   4.  Subject to outstanding external legal advice, to delegate authority to the Director of Regeneration in consultation with the Cabinet Member for Major Projects and Regeneration, the Programme Director Manydown and Chief Operating Officer MGC LLP, Chief Finance Officer, and Head of Law and Governance and Monitoring Officer to finalise and approve, that the council on its own behalf and as a member of MGC LLP enters into the documents as set out in 1,2 and 3 above, together with any other related documents, to enable completion of the Facility Agreement, Direct Agreement and variation of the Joint Venture agreements. The loan facility will ensure that MDV LLP has appropriate financial facilities to plan for and deliver the infrastructure and services to deliver the first 3,520 homes on Manydown. To do nothing and not to approve the Loan Facility agreement would require MDV LLP to consider alternative commercial lending facilities which may be  less financially attractive, less flexible and may increase overall project costs.  It may also delay the progress of commencing some of the infrastructure works resulting in increased project costs. None

Date of Decision: March 26, 2026