Agenda and minutes

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No. Item



To receive any apologies for absence.


Apologies for absence were received from Councillor Blundell and Councillor Neil Emmott.


Declarations of Interest

Members are required to declare any disclosable pecuniary, personal or personal and prejudicial interests they may have and the nature of those interests relating to items on this agenda and/or indicate if S106 of the Local Government Finance Act 1992 applies to them.   


There were no declarations of interest.



Urgent Items of Business

To determine whether there are any additional items of business which, by reason of special circumstances, the Chair decides should be considered at the meeting as a matter of urgency.


There were no urgent items of business.


Items for Exclusion of Public and Press

To determine any items on the agenda, if any, where the public are to be excluded from the meeting.


There were no additional private items of business to those already listed on the Agenda.


Minutes pdf icon PDF 55 KB

To consider the minutes of the meeting of the Property Fund Sub-Committee held on 6th February 2018.




That the minutes of the meeting of the Property Growth Fund Sub-Committee held on 6th February 2018 be approved and signed as a correct record.





Exclusion of Press and Public

To consider that the press and public be excluded from the remaining part of the meeting pursuant to Section 100(A)4 of the Local Government Act 1972 on the grounds that discussions may involve the likely disclosure of exempt information as defined in the provisions of Part 1 of Schedule 12A to the Local Government Act 1972 and public interest would not be served in publishing the information.




That the Press and Public be excluded from the meeting during consideration of the following item of business, in accordance with the provisions of Section 100A (4) of the Local Government Act 1972, as amended.



Reason for Decision:


Should the press and public remain during debate on these items there may be a disclosure of information that is deemed to be exempt under Parts 1 and 4 of Schedule 12A of the Local Government Act 1972.


Kingsway Business Park - Plot D

The Sub-Committee will consider matters relating to Kingsway Business Park – Plot D.


The Sub-Committee considered a report of the Director of Economy which sought approval to invest in the development of an estate of industrial units at Plot D, Kingsway Business Park.


Alternatives considered:


The Council need not invest. Should the Council not invest in the scheme it would not be exposed to the potential financial risk that is inherent in this type of transaction, but would also not be able to secure the benefits of investment as set out in section 3 of the report, namely adding to the provision of accommodation for small and starter businesses and achieving a rental return on the capital invested.




1.    That subject to the approval of the creation of a Direct Development Fund by Budget Council on 28 February 2018, the proposal to invest to  secure the development of an industrial estate on Plot D, Kingsway Business Park, as detailed in Appendix 1 of the report and following the methodology set out in Section 4.6. of the report be approved;


2.    That the Head of Legal be authorised to complete any legal documents on behalf of the Council in connection with the acquisition and development;


3.    That approval be given to the Council opting to tax the land and buildings.


Reason for decision:


The development will contribute further small business units in pursuance of the Council’s commitment to provide an additional 40 units by 2020, with the intention of attracting new businesses into the area, encouraging existing businesses to grow and creating jobs. It would also secure an initial rental income for the Council and improve the overall quality of the Council’s investment portfolio in accordance with its Asset Strategy.


Eligible for call in - yes