Issue - meetings

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

The Head of Finance presented the report on the Establishment of a Property Company. Members were advised that the establishment of a local property company would provide the Council with a vehicle to invest in both private residential and commercial properties, with the income generated able to be reinvested in the General Fund to support council services.

The company would not be seeking Member approval for each property purchase and there were a number of delegations in place to officers in order to facilitate the purchase of properties.

RESOLVED: That the report be noted.

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

Responsibility: Portfolio Holder for Corporate Resources and Performance

It was agreed:

(a) That the creation of a property company to develop, acquire and manage property investments at arm’s length from the Council, to provide a vehicle to invest in both private residential and commercial properties and deliver investment returns, be approved.

(b)  That the business case, as set out at Appendix 1 to the report, be approved.

(c)  That the recommended company name of ‘Honeywood Property Services Ltd’ be  

      approved.