Decision details

The Cabinet will be asked to approve proposals for the implementation of the Council’s Investment and Acquisition Strategy approved in November 2016, including the governance arrangements and scheme of delegation.

The Cabinet resolved to:

(i)  Note the progress being made in meeting the investment and acquisition income target;

(ii)  Approve the future Pipeline Regeneration Programme, as set out at Appendix 1 to the report;

(iii)  Agree to receive a twice-yearly report on the Investment and Acquisition Strategy and Business Plan, to approve the investment programme and schemes and to enable effective land acquisitions and investments;

(iv)  Approve the principle to establish a Special Purpose Vehicle to hold properties under the street properties purchasing programme as required;

(v)  Approve the Terms of Reference of the advisory Investment Panel, established pursuant to the Chief Operating Officer’s delegated powers, as set out at Appendix 2 to the report;

(vi)  Note that the Investment and Acquisitions Decision Framework at Appendix 3 to the report, which will be used to consider and assess each investment decision and land acquisitions, will be reviewed in consultation with Be First and advisors and any material resultant changes will be reported to a future Cabinet meeting;

(vii)  Note that the Investment Panel will be supported by external advisors in respect of property, tax and investment considerations as required;

(viii)  Delegate authority to the Chief Operating Officer, in consultation with the Director of Law and Governance and the Cabinet Members for Finance, Growth and Investment and Economic and Social Development, to negotiate terms and agree investment proposals and land and property acquisitions for projects included in the Investment and Acquisition Strategy and Business Plan, subject to the endorsement of individual projects by the Investment Panel;

(ix)  Note that investment and acquisition proposals not included within the Investment and Acquisition Strategy and Business Plan shall be presented to Cabinet for approval following consideration by the Investment Panel, in accordance with the ‘key decision’ provisions in Part 2, Chapter 16, paragraph 3.2 of the Council Constitution;

(x)  Authorise the Director of Law and Governance, or an authorised delegate, to execute all the legal agreements, contracts and other documents on behalf of the Council required to implement the investment programme identified in this report.