Issue - meetings

Further to Minute 73 (15 November 2016), the Cabinet Member for Finance, Growth and Investment introduced a progress report on the establishment of Be First, the Council-owned regeneration company, and a proposal for the company to also act as a developer in its own right.

As referred to in the preceding IAS report on the evening’s agenda, Be First was established to manage the delivery of the Council’s Future Pipeline Regeneration Programme.  The Cabinet Member explained that it had always been envisaged that Be First would also act as a developer and that vision had been progressed with representatives of Be First subsequent to the draft Full Business Case being approved at the November 2016 meeting.  It was noted that the ability to be the developer for projects would enable Be First to deliver the annual £10.3m contribution to the Council’s Medium Term Financial Strategy (MTFS), which was a key component of the approval given in November 2016.

The Cabinet Member referred to the appointments to Be First, staff TUPE (Transfer of Undertakings (Protection of Employment) Regulations 2006) arrangements and other key areas of progress that would enable the company to formally launch on 1 October 2017.  The proposed governance structure and arrangements were intended to provide Be First with the flexibility and freedom to successfully deliver the Council’s regeneration aspirations while ensuring appropriate levels of oversight and approval by the Council of business plan proposals.  The governance regime would also ensure that Be First met its social responsibility obligations.

In expressing support for the project, Cabinet Members commented that the launch of Be First represented a key achievement in the Council’s transformation programme and would be model for the rest of London to follow.

The Cabinet resolved to:

(i)  Note progress on the arrangements for Be First to become operational with effect from 1 October 2017; and

(ii)  Agree, in principle, to the proposal for Be First to act as developer in its own right in order to achieve the long-term contribution to the Council’s Medium Term Financial Strategy, the detail of which will be incorporated in Be First’s first Business Plan to be submitted to Cabinet for approval before the end of this financial year.