Report of the Deputy Chief Executive/Director of Corporate Services to be circulated separately.

Further to minute 390 (19 March 2009), the Deputy Chief Executive/Director of Corporate Services reported upon the key financial aspects in relation to The Sail Project, West Kirby and summarised the findings of an independent assessment of the Development Appraisal by the Council’s appointed independent advisors. He set out the response of the developer and provided further detailed information.

Resolved –

(1) That Cabinet thanks Carpenter Investments for their time and commitment to the Sail Project.

(2) That having regard to the matters identified in the report and the further information considered by members this evening, Cabinet instructs officers to undertake further discussions with Carpenter Investments and the appointed consultants, with a further report to be submitted to Cabinet in the next 6 months to enable it to take a final view on the future of the project.