Decision details

The Cabinet had before it a * report of the Director of Finance, Assets and Resources requesting approval to undertake more detailed research into the potential of forming a special purpose vehicle. He outlined the contents of the report stating that since the national public sector austerity programme was implemented back in 2010/11 all Councils had been striving to reduce operating costs or look for new activities to increase income in order to maintain ongoing service provision.  In addition to the budget pressures there was a need to increase the number of housing units locally which was identified in the Corporate Plan. A significant number of Councils were now creating a special purpose vehicle in order to deliver a noticeable step change in housing and/or commercial delivery.  Planned visits had been organised to consider the work taking place by other Councils in order to inform a further report to Cabinet in January.

Consideration was given to the benefits of setting up such a scheme, meeting the corporate priorities and unlocking stalled development sites.

It was therefore

RESOLVED that the formation of a property development special purpose vehicle be approved and that delegated authority be given to the Director of Finance, Assets & Resources in consultation with the Cabinet Member for Housing to explore the precise terms of reference, objectives and governance that will be required in order to facilitate an increased level of housing and commercial delivery within the District.       

(Proposed by Cllr P H D Hare-Scott and seconded by Cllr R J Chesterton)     

Note:  *Report previously circulated, copy attached to minutes