The aim of the Council’s Asset Development Programme (“ADP”) is to realise the potential of the Council’s property asset base so as to deliver improved revenue streams from the portfolio but at the same time securing the regeneration, economic development and housing objectives of the Council.  The report provided an update on the work of the Asset Development Programme Project Board (“Project Board”) to date.

The report outlined the progress made by the Project Board on a) the Joint Venture Partner Procurement, b) the wholly owned Company (Seven Arches Investments Ltd), c) the Early Successes Programme and other in-house items including the Memorial Wall project.

Members raised concerns over the level of training being provided to the Project Board, and whether Members’ renumeration would be reviewed in light of the extra work. The Chair advised training was being provided through the LGA and Montagu Evans and renumeration could be reviewed at the next Renumeration Panel meeting.

Cllr Mrs McKinlay  MOVED  and Cllr Kerslake  SECONDED  the recommendations in the report.

Following a full discussion a vote was taken on a show of hands and it was RESOLVED:

1.    To approve the direction of the Asset Development Programme.

Reason for the Recommendation

To update the Committee on the progress of the Asset Development Programme.

The aim of the Council’s Asset Development Programme (“ADP”) was to realise the potential of the Council’s property asset base so as to deliver improved revenue streams from the portfolio but at the same time securing the regeneration, economic development and housing objectives of the Council.  The report provided an update on the work of the Asset Development Programme Project Board (“Project Board”) to date.

The report outlined the progress made by the Project Board on a) the Joint Venture Partner Procurement, b) the wholly owned Company (Seven Arches Investments Ltd), c) the Early Successes Programme and other in-house items including the Memorial Wall project.

It requested a £30m loan drawdown “facility” (including the £10m already approved) for investment purposes by Seven Arches Investments, and for the Council to borrow from the market to fund this facility.

After a full discussion, Cllr Mrs McKinlay MOVED an amendments to the following recommendations, this was SECONDED by Cllr Kerslake.

2.1       To note the progress of the Asset Development Programme.

2.2      To approve a total £30m loan drawdown facility (Including the £10m already approved) to Seven Arches Investments Ltd following recommendations from the Project Board, and that delegated powers be given to the Chief Finance Officer in consultation with the Chair of PPR Committee and the Group Leaders or their deputies to approve the use of the drawdown facility.

2.3       To approve the Council to borrow up to £30m to provide this facility and revise the Treasury Management Strategy to be reported at Ordinary Council on 27^th June 2018.

Following a full discussion, a vote was taken on a show of hands and it was RESOLVED.

1.    To note the progress of the Asset Development Programme.

2.    To approve a total £30m loan drawdown facility (Including the £10m already approved) to Seven Arches Investments Ltd following recommendations from the Project Board, and that delegated powers be given to the Chief Finance Officer in consultation with the Chair of PPR Committee and the Group Leaders or their deputies to approve the use of the drawdown facility.

3.    To approve the Council to borrow up to £30m to provide this facility and revise the Treasury Management Strategy to be reported at Ordinary Council on 27^th June 2018.

Reasons for Recommendation

To update the Committee on the progress of the Asset Development Programme.