Issue - meetings

Report of the Executive Director (Resources, Environment and Cultural Services) presenting an outline business case to create a property company to allow commercial trading for property related investments.

Report of the Executive Director (Resources, Environment and Cultural Services) presenting an outline business case to create a property company to enable commercial trading for property related investments under the Localism Act 2011.

The Council had considerable experience in managing a wide range of assets which were held for a mixture of social and urban town centre regeneration purposes rather than purely for delivering significant commercial benefits. 

The Property Company would be set up as an income generating investment vehicle and aimed to achieve £250,000 of revenue income for 2018/19 rising to £500,000 per annum from 2019/20 onwards.

RESOLVED:

(1)          That the Cabinet agrees in principle to the establishment of a company which would be limited by shares and owned wholly by the Council.

(2)          That the Cabinet notes that a further report would be submitted to a future meeting setting out the operational and governance structure as well as the business plan for the company and a business plan detailing its potential activities, before any trading activity commenced.