RESOLVED

That Cabinet:

A.   Note the work that has been carried out to date in relation to the setting up of a wholly-owned local authority property company (“LAPC”).

B.   Approve the setting up of a wholly owned local authority property company.

C.   Approve the business case for the local authority property company.

D.   Agree the proposed governance arrangement set out in this report.

E.   Agree to:

                     i.        Establish a Sub-Committee of Cabinet and (subject to (iii) below) delegate to that Sub-Committee authority to exercise the Council’s rights and responsibilities as shareholder of the company;

                    ii.         Nominate Members to sit on the Shareholder Cabinet Sub-Committee;

                   iii.        Delegate to the Director of Environment and Regeneration authority to take decisions on matters reserved to the Council in circumstances where the expenditure to be incurred in any one instance does not exceed two hundred and fifty thousand pounds (£250,000)

F.    Delegate, to the Chief Executive and Monitoring Officer, authority to set up the company including finalisation and approval of all relevant documentation, and registration with the Registrar of companies.

G.   Note that appropriate amendments will need to be made to the Council’s constitution with respect to the Cabinet Sub-Committee and that Cabinet recommend to Full Council the appropriate amendments.

H.   Recommend to Full Council, the capital investment funding of £13,022m for the first four sites plus working capital of up to £4m.

I.      Delegate to the Director of Corporate Services the finalisation of the loan agreement between the Council and the LAPC .

J.    Recommends to Council an allocation of a further £10 million in the capital programme for the strategic acquisition of sites, subject to the business case for each acquisition is agreed by the council’s Property Asset Management Board.

K.   That Cabinet (approval will also be required by full Council):

                    i.       Approve the increase in the Capital Programme to reflect the proposals in this report, and

                  ii.       Approve the revised Treasury Management Strategy inclusive of revised Prudential indicators