At its meeting on 4^th March 2021, Economy, Regeneration and Development Committee approved the grant of £1,750,000 of Wirral Waters Investment Fund (WWIF) viability support for Egerton Village. The grant is to enable the development of 14,671 sq ft of commercial floorspace to support key sector development at the Four Bridges area of Wirral Waters. Egerton Village will serve existing and new businesses and communities, students, visitors and residents by providing much needed amenity space including an appropriate food and drink offer as well as providing studio and workspace accommodation.

Given the time that has elapsed since the grant was approved, the owners and developer Peel Land and Property have provided updated information in terms of the named Peel subsidiary Company that will undertake the development.  This will represent a change from the Committee approval and hence the reason for this report.  Peel is still committed to progress the development and the need for the grant remains.

That the recipient of the Wirral Waters Investment Fund (WWIF) Grant be amended and the Director of Law and Governance be authorised to progress the legal Grant Funding agreement between the Council and Peel L&P Investments and Property Ltd (09246810) subject to the provision of a satisfactory parent company guarantee.

1.1  To enable the Grant Funding Agreement to be completed in the name of a revised applicant.

1.2  To enable Peel L&P Investments and Property Ltd (Peel). to progress the development of Egerton Village to support the priorities of the Wirral Waters Investment Fund (WWIF).

The Council could choose not to approve amendment of the grant recipient. This could result in the development not being progressed and the benefits from the development not being realised. This option is not recommended.