This report sets out the business case and seeks approval to create a company that will be wholly owned by the Council. As part of the Council’s

asset development programme a private company is required to engage in commercial activity and also to facilitate future opportunities.

Cllr Keeble, asked if a member of the Independent Party could be included on the Project Board.  The Chair will review panel structure.

After a full discussion, Cllr Mrs McKinlay  MOVED  and Cllr Kerslake  SECONDED  the recommendations in the report, subject to an amendment to 2.3 and additional recommendation under 2.5.

2.3      That the Council borrows up to £10 million from the Public Works Loan Board.

2.5      That the Project Board provides an Advisory Group to the Wholly Owned Company.

A vote was taken on a show of hands and it was RESOLVED.

1.         That the Committee recommend to full Council the creation of a

wholly owned company.

2.         That an initial loan facility of up to £10 million is provided to the

 company.

3.         That the Council borrows up to £10 million from the Public Works Loan Board.

4.         That the Committee recommend to full Council that authority be delegated to the Policy, Projects and Resources Committee to exercise the Council’s decision making powers under the shareholder’s agreement.

5.         That the Project Board provides an Advisory Group to the Wholly Owned Company.

Reasons for Recommendation

To create a wholly owned company Committee recommendation to

Council and subsequent Council approval is required.