Issue - meetings

To seek agreement of a new strategy for acquiring assets and developing land.

Council received the proposed new strategy for acquiring assets and developing land as part of the council’s delivery of its services to stimulate and support regeneration and economic growth and to increase the supply of new affordable homes. During discussion, reference was made to the surplus of offices with the increase in home working and the caution required in relation to investing in retail assets at the current time.

It was moved by Councillor Lynch, seconded by Councillor Bray and unanimously

RESOLVED –

(i)            The Acquisition and Development Strategy be approved;

(ii)          Provision be made in the capital programme for the sum of £15m to facilitate borrowing through the public works loan board on a case by case basis as business cases are approved;

(iii)         Authority be delegated to the Director (Corporate & Streetscene Services) to make conditional offers for the purchase of land and/or property which meets the criteria in the Acquisition and Development Strategy. Such offers would be conditional subject to formal member approval in accordance with the council’s constitution.

To propose a new strategy for acquiring assets and developing land.

Members gave consideration to a new strategy to provide the framework for acquiring assets and developing land as part of the council’s delivery of services to stimulate and support regeneration and economic growth and to increase the supply of new affordable homes. The strategy was required in order to expedite decision making to take advantage of development opportunities.

Some members expressed concern at the suggestion that investment outside of the borough may be made. In response, it was noted that investment would be limited to the functional economic geography of the borough which could extend into the Leicester and Coventry LEP areas. The example was given of a project which created employment benefitting the borough and generated a return on investment. It was noted that the wholly owned company may be a vehicle used for some of the projects if it was more suitable.

RESOLVED – the strategy be RECOMMENDED to Council.

Councillor Lynch left the meeting at 8.49pm.