Decision details

Decision details

The Former Robin Hood Hotel - Joint Venture Scheme with MF Strawson Limited

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decisions:

The Director - Resources / Deputy Chief Executive presented a report which informed Members of the joint venture agreement with MF Strawson Ltd for the redevelopment of the Robin Hood Hotel. Further to the decision of the Committee at their meeting held on 29 November 2019 and the delegation given to the Director – Resources / Deputy Chief Executive the Council had now: formed the joint venture company, RHH Newark Limited, with Newark & Sherwood District Council and MF Strawson Limited being equal shareholders, with each holding 500 Ordinary Shares of £1 each; agreed the Articles of Association; received the Letter of Commitment from MF Strawson; and agreed the Shareholders Agreement. The terms agreed in respect of the maximum capital contribution, onward sale and the retail / leisure units were summarised in the report.

 

AGREED (with 5 votes for and 2 against) that:

 

(a)        the Articles of Association (Appendix A) be noted;

 

(b)        the Shareholders Agreement (Exempt Appendix C) be noted; and

 

(c)        the inclusion of £3.3m to the Council’s Capital Programme, profiled over 2019/20 and 2020/21 be approved.

 

Reason for Decision

 

To keep Members informed of the progress of the redevelopment of the former Robin Hood Hotel and to establish the budget of £3.3m in the Council’s Capital Programme.

 

Publication date: 10/07/2019

Date of decision: 04/04/2019

Decided at meeting: 04/04/2019 - Policy & Finance Committee

Accompanying Documents: