The report before Members set out the business case to create a company that would be wholly owned by the Council.  It also provided an update on the progress of acquiring a partner to assist in the development of the Council’s sites to realise regeneration and financial objectives.

As part of the Council’s asset development programme a private company was required to engage in commercial activity and to facilitate future opportunities.

Cllr Mrs McKinlay MOVED and Cllr Kerslake SECONDED the recommendation in the report and following a full discussion a vote was taken on a show of hands and it was

RESOLVED UNANIMOUSLY

1. That a report recommending the creation of a wholly owned  company, (WOC) be brought to the next PPR Committee following finalisation of the governance arrangements.

2. That the work on the procurement of an asset development partner continues and a decision to formally tender be brought back to the Committee.

Reasons for Recommendation

To create a wholly owned company Committee recommendation to Council and subsequent Council approval is required.