Issue - meetings

To consider the attached report of the Director of Finance, Housing and Community.

The Director of Finance, Housing and Community presented the report on the Property Investment Strategy.

It was moved by Councillor M D Conolly, duly seconded and

RESOLVED:  (a) That a supplementary capital budget of £200 million, for the acquisition of commercial and residential assets for the economic regeneration and well-being of the district and for investment purposes, be approved.

                        (b)   That a supplementary revenue budget of £200,000 from the Regeneration Reserve, for the use of appropriate external professional support to establish a framework and assist with acquiring properties, be approved.

                        (c)   That the implementation of the Investment Property Strategy, and the investment strategy criteria set out at Appendix 1 of the report, be adopted.

(Councillor D Hannent requested that his abstention from voting be recorded in accordance with Council Procedure Rule 18.5)

(Councillor R J Frost requested that his vote against be recorded in accordance with Council Procedure Rule 18.5)

To consider the attached report of the Director of Finance, Housing and Community.

The Chief Executive presented the report on the Property Investment Strategy.

RESOLVED:  (a)   That it be recommended to the Cabinet that decision CAB87 be reaffirmed as follows:

(i)     It was agreed, subject to Council approval of (b) (i) to (iii) below:

(1)   That two Project Advisory Groups be established as follows:

·         Commercial Investment Project Advisory Group

·         Residential Investment Project Advisory Group

(2)   That the creation of one or more residential and commercial property companies be approved.

(3)   That the Leader of the Council be requested to delegate the approval of the detailed form of the companies to the Portfolio Holder for Corporate Resources and Performance, supported by advice from the Residential Investment Project Advisory Group and the Commercial Investment Project Advisory Group respectively.

(4)   That the Leader of the Council be requested to delegate the approval of property investments to the Portfolio Holder for Corporate Resources and Performance, advised by the Project Advisory Groups.

(b)   It was agreed to recommend to Council:

(i)     That a supplementary capital budget of £200 million, for the acquisition of commercial and residential assets for the economic regeneration and well-being of the district and for investment purposes, be approved.

(ii)    That a supplementary revenue budget of £200 million from the Regeneration Reserve, for the use of appropriate external professional support to establish a framework and assist with acquiring properties, be approved.

(iii)   That the implementation of the Investment Property Strategy, and the investment strategy criteria set out at Appendix 1 of the report, be adopted.

To consider the attached report of the Director of Finance, Housing and Community.

Responsibility: Portfolio Holder for Corporate Resources and Performance

(a)  It was agreed, subject to Council approval of (b) (i) to (iii) below:

(i) That two Project Advisory Groups be established as follows:

·                     Commercial Investment Project Advisory Group

·                     Residential Investment Project Advisory Group

(ii) That the creation of one or more residential and commercial property companies be approved

(iii) That the Leader of the Council be requested to delegate the approval of the detailed form of the companies to the Portfolio Holder for Corporate Resources and Performance, supported by advice from the Residential Investment Project Advisory Group and the Commercial Investment Project Advisory Group respectively.

(iv) That the Leader of the Council be requested to delegate the approval of property investments to the Portfolio Holder for Corporate Resources and Performance, advised by the Project Advisory Groups.

(b)  It was agreed to recommend to Council:

(i) That a supplementary capital budget of £200 million, for the acquisition of commercial and residential assets for the economic regeneration and well-being of the district and for investment purposes, be approved.

(ii) That a supplementary revenue budget of £200 million from the Regeneration Reserve, for the use of appropriate external professional support to establish a framework and assist with acquiring properties, be approved.

(iii) That the implementation of the Investment Property Strategy, and the investment strategy criteria set out at Appendix 1 of the report, be adopted.