Agenda and minutes

To receive declarations of the existence and nature of any Disclosable Pecuniary Interests from Members in respect of any item to be considered at the meeting.

No declarations of interest were made by councillors regarding items on the Agenda.

This report presents the Property Investment Strategy 2016-17 and seeks to create a £20m Commercial Property Acquisition Fund resourced from prudential borrowing.  It will enable the Council to acquire additional commercial property investments located within the Borough with a view to generating long term secure income streams.

It will assist in supporting the delivery of future Council services and strengthen its long term financial stability

The Council received and considered a report from the Chief Executive regarding the Property Investment Strategy 2016-17 and which sought to create a £20m Commercial Property Acquisition Fund resourced from prudential borrowing.

Upon being put, it was RESOLVED that the Council:

(1)          Endorse the Property Investment Strategy 2016-17, attached as Annexe 1 to the report, for all commercial property investment acquisitions;

(2)          Approve the creation of a Commercial Property Acquisition Fund of up to £20m, financed from prudential borrowing in 2016/17 and future years;

(3)          Approve the creation of a dedicated Investment Property Group (IPG) with delegated authority to make all property investment decisions in compliance with the Property Investment Strategy.

(4)          Approves supplementary capital expenditure for property acquisitions of up to £20m based upon £20m of borrowing commencing in 2016/17 (for economic and social wellbeing purposes and to generate on-going revenue streams).

(5)          Approves the revised set of prudential indicators which include the operational boundary and authorised limit for external borrowing; these indicators supersede those in the Council’s existing Treasury Management Strategy approved by full Council on 19 April 2016.

The Committee is asked to consider whether it wishes to pass a resolution to exclude the Press and Public from the meeting in accordance with Section 100A (4) of the Local Government Act 1972 on the grounds that the business involves the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A to the Act (as amended) and that pursuant to paragraph 10 of Part 2 of the said Schedule 12A the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

The Committee resolved to exclude the Press and Public from the meeting in accordance with Section 100A (4) of the Local Government Act 1972 on the grounds that the business involved the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A to the Act (as amended) and that pursuant to paragraph 10 of Part 2 of the said Schedule 12A the public interest in maintaining the exemption outweighed the public interest in disclosing the information.

Note: Members of the Committee were reminded of the need for confidentiality in respect of those items not considered in public.

This report has not been published because the meeting is likely to be closed to the press and public in view of the nature of the business to be transacted/nature of the proceedings.  The report deals with information relating to the business affairs of the Council and the public interest in maintaining the exemption currently outweighs the public interest in disclosing the information.

The Committee agreed a way forward as set out in the Minutes

Note:  The details are considered officially sensitive at this time and the Minute for this item will be exempt from publication.