Minute 74 (Cabinet Book 1 – Agenda Item 15 refers)

Called in by Councillors Nevin, Robinson, Terry and Woodley

The Committee considered Minute 74 of the meeting of Cabinet held on 20^th June 2017, which had been called in to Scrutiny, together with a report of the Director of Finance and Resources setting out the key considerations, high level business case and the implementation plan for establishing a Housing Investment Company (HIC) for the Council.

Resolved:-

1.         That the following decisions of Cabinet be noted:-

“1. That the establishment of a Council controlled, asset holding Housing Investment Company, be approved.

2. That the key actions within the Implementation Plan, be approved.

3. That External financial and legal advice be sought to support the key actions within the Implementation plan to ensure its timely delivery and that this one off cost is funded from the Council’s contingency budget.” 

Note:- This is an Executive Function.

Executive Councillor :- Lamb/Flewitt

Report of the Director of Finance and Resources attached.

The Cabinet considered a report of the Director of Finance and Resources setting out the key considerations, high level business case and the implementation plan for establishing a Housing Investment Company (HIC) for the Council.

Resolved:

1. That the establishment of a Council controlled, asset holding Housing Investment Company, be approved.

2. That the key actions within the Implementation Plan, be approved.

3. That External financial and legal advice be sought to support the key actions within the Implementation plan to ensure its timely delivery and that this one off cost is funded from the Council’s contingency budget. 

Reason for Decision

To address a number of local housing needs in the borough.

Other Options

None

Note:- This is an Executive Function.

Called in to: Policy & Resources Scrutiny Committee

Executive Councillor :- Lamb/Flewitt