URL: https://westsussex.moderngov.co.uk/ieDecisionDetails.aspx?ID=2050

Decision Maker: Cabinet Member for Finance and Property (Cllr Jeremy Hunt)

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: The County Council is party to a joint venture (JV) with Lovell Partnerships Limited for the shared development of land in the Council’s ownership but surplus to service need, for the purpose of delivering on the Council priorities as well as generating a financial return for the Council for Council service needs.   The JV has been established as Kinsted Developments Limited Liability Partnership (LLP) and the County Council is a 50% partner in the LLP through its wholly owned company Edes Estates Limited.   The County Council has optioned ten parcels of land to the JV with a requirement to progress to planning approval in line with the Partnership Agreement. Funding may be required from either or both parties to complete the development.   Two of the sites have progressed to the stage of readiness for implementing the proposed developments. This has identified that they will require additional funding in the form of loans to the LLP to enable the developments. The loans will be repaid with interest from the sale proceeds of the developments.  

Content: The County Council is party to a joint venture (JV) with Lovell Partnerships Limited for the shared development of land in the Council’s ownership but surplus to service need, for the purpose of delivering on the Council priorities as well as generating a financial return for the Council for Council service needs.   The JV has been established as Kinsted Developments Limited Liability Partnership (LLP) and the County Council is a 50% partner in the LLP through its wholly owned company Edes Estates Limited.   The County Council has optioned ten parcels of land to the JV with a requirement to progress to planning approval in line with the Partnership Agreement. Funding may be required from either or both parties to complete the development.   Two of the sites have progressed to the stage of readiness for implementing the proposed developments. This has identified that they will require additional funding in the form of loans to the LLP to enable the developments. The loans will be repaid with interest from the sale proceeds of the developments.   The Cabinet Member for Finance and Property has:   (1)approved that up to £8.712m of credit facility is made available, to provide funding to the County Council’s Joint Venture Partnership, for the approved developments at the identified optioned sites in accordance with the Joint Venture Partnership Agreement; and   (2)delegated authority to approve the final timing and value of individual loan agreements (currently estimated at £8.712m) to the Interim Director of Finance and Support Services in line with the business cases for each development approved by the LLP partners.   None declared  

Date of Decision: December 4, 2024