To consider the joint report of the Director of Housing and Inclusion and the Borough Treasurer.
Minutes:
Consideration was given to the joint report of the Director of Housing and Inclusion and the Borough Treasurer, as contained on pages 867 to 948 of the Book of Reports, which provided members with a progress update since the decisions of Extraordinary Cabinet and Council on 17 October 2018 and sought approval to proceed with forming a Development Company, with the appointment of the Board of Directors and for the Company to become operational; and to approve the Development Company's Business Plan for implementation, together with its funding arrangements.
A Motion to approve the recommendation at paragraph 4 of the report was moved and seconded.
An Amendment to the Motion was moved and seconded.
A vote was taken on the Amendment, which was LOST.
A vote was taken on the Motion, which was CARRIED.
RESOLVED: A. That the creation of the Development Company, named Tawd Valley Developments Limited beapproved.
B. That the Chief Executive in consultation with the Leader, Portfolio Holder for Housing and Landlord Services and Portfolio Holder for Resources and Transformation be authorised to determine all matters, as the shareholder for the Development Company, on behalf of theCouncil.
C. That the appointment of the Director of Housing and Inclusion and the Borough Treasurer as Directors of the Development Company be approved.
D. That the governance and financial arrangements required for the Development Companyto operatewith theCouncil assole shareholder,as setout inthis report at section 4 and section 8 be approved.
E. That the Director of Housing and Inclusion, in consultation with the Leader of the Council, Portfolio Holder for Housing and Landlord Services and Portfolio Holder for Resources and Transformation, be authorised to take all necessary steps to enable the Development Company to be set up including making arrangements for the appointment of the two independent directors to the Development CompanyBoard.
F. That the Development Company's annual Business Plan set out at Appendix 1 to the report attached at Appendix A, be approved.
G. That the financial and resource implications at section 8 of the report be noted and approved.
H. That authority be given to sell the Council owned land referred to in the Business Plan to the Development Company at market value, including the ability to licence the occupation of this land subject to the obtaining of all necessary licences, permissions and consents and the making of any arrangements to appropriate any suitable Housing Revenue Account (HRA) land for General Revenue Account use.
I. That theCouncil beauthorised topurchase orprocure theaffordable housingunits on behalf of the Housing Revenue Account (HRA) as set out in paragraphs 8.5 and 8.6 of the report attached at Appendix A.
J. That the Borough Treasurer, in consultation with the Portfolio Holder for Resources and Transformation, be authorised to manage the loan arrangements set out in accordance with paragraph 8.2 of thereport attached at Appendix A.
K. That the Chief Executive be authorised to amend the job descriptions of the Director of Housing and Inclusion and the Borough Treasurer to reflect their role as Directors of the Development Company.
L. That the 2008 Indemnity arrangements at Appendix 6 be noted and approved.