The report had set out the business case and sought approval to create a company that would be wholly owned by the Council. As part of the Council’s asset development programme a private company was required to engage in commercial activity and also to facilitate future opportunities.

The Council’s Commercial Manager, Mr Leslie, provided a presentation for Members’ information.

Cllr Mrs McKinlay MOVED and Cllr Kerslake SECONDED the recommendations in the report.  Cllr Barratt referred to the two additional recommendations agreed when the Wholly Owned Company was considered at the Policy, Performance and Resources Committee meeting on 12 March 2018 which Cllr Mrs McKinlay agreed to add to the recommendations she had moved.  Following a full discussion it was

RESOLVED UNANIMOUSLY:

1. That the creation of a wholly owned company be approved.

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

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

company.

4. That the Council borrows up to £10 million from the Public Works

Loan Board.

Reasons for Recommendation

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