The report was moved by Councillor Martin Whelton and seconded by Councillor Mark Allison.

Councillors David Williams and Peter Southgate spoke on the item.

RESOLVED: That Council

A. Approve the capital investment funding of £13,022m for the first four sites plus working capital of up to £4m

B. Approve 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.

C. 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

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

E. Having noted the decision made by Cabinet to set up a wholly owned local authority property company (“LAPC”), and approve the initial business plan.

F. Having noted the decision to establish a sub-committee of Cabinet with various delegations to senior officers.

G. Having noted that appropriate amendments will be made to the Council’s constitution with respect to the Cabinet Sub-Committee.