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.
Decision type: Key
Reason Key: Expenditure > £500,000;
Decision status: Recommendations Approved (subject to call-in)
Divisions affected: (All Divisions);
Notice of proposed decision first published: 01/07/2024
Decision due: December 2024 by Cabinet Member for Finance and Property (Cllr Jeremy Hunt)
Lead member: Cabinet Member for Finance and Property (Cllr Jeremy Hunt)
Contact: John Edwards Email: john.edwards@westsussex.gov.uk Tel: 033 022 22299.
Consultation process
Consultees
No consultees currently identified
Democratic Services Contact: Judith Shore Tel: 033 022 26052