RECOMMENDED TO COUNCIL: (20 December 2016)
That:
(1) the five year Business Plan, attached at Exempt Appendix A to Report No: OAS/SE/16/028, be approved;
(2) a £3m revolving investment facility, to be added to the Council’s capital programme, financed from the reallocation of the “Housing Company” pending capital budget of £2.35m and an additional £0.65m from the Strategic Priorities and the Medium Term Financial Strategy reserve, be approved;
(3) delegation be given to the S151 Officer and Monitoring Officer, in consultation with the Portfolio Holders for Resources and Performance and Housing to issue equity and loan funding from the revolving investment facility (set out in (2) above), subject to state aid requirements;
(4) the S151 Officer and Monitoring Officer, in consultation with the Portfolio Holder for Resources and Performance, be authorised to negotiate and agree the terms of such loans with Barley Homes and the funding and necessary legal agreements, taking into consideration the Council’s loans policy and state aid requirements;
(5) the sale of Council owned land as detailed in the five year Business Plan (Exempt Appendix A to Report No: OAS/SE/16/028), with outline planning permission, subject to approval by the planning authority and with Section 123 best value obligations, with the costs of planning permission being approximately £35,000 being funded from the Strategic Priorities and Medium Term Financial Strategy reserve, be noted; and
(6) approval of the Business Plan will constitute consent for Barley Homes to issue shares and enter into debt financing, in line with the Business Plan, be noted.