Decision details

(1)        The Cabinet approved the set-up of a group company structure as set out in 1.1 of the report.  This approval included a spend for the set-up costs to cover: legal advice, taxation advice, and project management support.  The District Development Fund (DDF) 19/20 would cover this sum.

(2)        The Cabinet approved the set-up costs as recommended in the report for the Services (Repairs) subsidiary company.  It was proposed to use the DDF to cover the initial set up costs.  This sum would include legal advice, tax advice, project management, and ICT consultancy costs.

(3)        The Cabinet delegated responsibility to the Officer/Member steering group to oversee the set-up and preparation of the Services (Repairs) company business plan for approval by the Group Company Holding Board. 

(4)        The Cabinet noted that if the set-up costs of the repairs company varied by more than an additional 20%, and/or if providing a loan to the Company the current locally agreed borrowing limits were exceeded by the Council, a further Cabinet approval would be required.

(5)        Cabinet noted that further approval would be sought for sale of land into the Development Company as and when sites came forward for development.