Issue - meetings

The Cabinet is asked to consider the agenda report and its two appendices and to make the following resolution:

That the Cabinet endorses the Investment Opportunities Protocol as set out in Appendix 1 of this report, together with the Land and Property Sub-Strategy Investment Protocol at Appendix 2.

RESOLVED

That the Investment Opportunities Protocol as set out in appendix one (as amended) to the agenda report together with the Land and Property Sub-Strategy Investment Protocol as set out in appendix two to the agenda report be endorsed.

As announced by Mr Dignum at the start of this meeting, this item and the immediately following one were taken first before agenda item 5 in order to assist the Arlingclose Ltd representative who was present for agenda item 11. 

The Cabinet considered the report and its two appendices circulated with the agenda and an A4 sheet with a substitute version of the table in para 6.7 of appendix 2 to the report which was e-mailed after the agenda despatch and made available as a hard copy at this meeting (copies attached to the official minutes). 

The report was presented by Mrs Hardwick. Mr Catlow was in attendance.

Mrs Hardwick referred to the proposals for an Investment Opportunities Protocol and a Land and Property Sub-Strategy Investment Protocol, which were the outcome of the Cabinet’s decision in February 2015 to establish an Investment Opportunity Reserve to fund income-generating investments. The Reserve was currently valued at £2.1m. The Protocol was designed to lay down guidelines and set criteria and procedures as to how CDC would invest within its powers. The preparatory work was undertaken by a task and finish group instigated by the Corporate Governance and Audit Committee in November 2015 to assist officers in finalising the overarching Protocol and the sub-strategies, only one of which, the Land and Property Sub-strategy Protocol, was yet drafted.

Mr Catlow alluded to the first appendix and in reply to Mrs Keegan he confirmed that the Protocol would be kept under regular review as an evolving document.

Decision

The Cabinet voted unanimously by a show of hands in favour of the recommendation in para 3.1 of the report.

RESOLVED

That the Investment Opportunities Protocol as set out in appendix one to the agenda report together with the Land and Property Sub-Strategy Investment Protocol as set out in appendix two (as amended) to the agenda report be endorsed.

At its meeting held on 24 November 2015 the committee considered a report relating to the Council’s Overarching Investment Protocol. Minute 38 relates to the committee’s resolution to set up a Task and Finish Group to consider and complete the drafting of the protocol. Following consideration by the group the committee is now requested to approve the broad principles of the overarching investment opportunities protocol as set out in paragraphs 7 to 11 of this report and the Land & Property Sub-Strategy investment protocol at Appendix 1.

The committee considered the report circulated with the agenda (copy attached to the official minutes).

Mrs H Belenger, Mr T Jackson and Mr P Harrison attended to take questions. Mr Ward confirmed that New Homes Bonus money had no conditions attached to its use and could be used to fund investments however the use of this reserve would be a matter for Council approval.

Officers confirmed that this Protocol would not impose restrictions on their ability to progress investment opportunities.

RESOLVED

That the committee endorses the broad principles as set out in Paragraphs 7 to 11 of the report as an overarching investment opportunities protocol, together with the Land & Property Sub-Strategy Investment Protocol at Appendix 1.

RECOMMENDED TO CABINET

That the Overarching Investment Opportunities Protocol, together with the Land & Property Sub-Strategy Investment Protocol be approved.