The Cabinet resolved to:
(i) Approve the Investment and Acquisition Strategy at Appendix 1 to the report;
(ii) Note that an advisory Investment Panel, with a membership comprising Strategic Directors and external advisers, shall be established to assess and make recommendations on individual investment decisions to implement the Investment and Acquisition Strategy and that details of the purpose, governance arrangements and membership for the Investment Panel shall be the subject of a future report;
(iii) Approve the establishment of an Investment Budget, initially of £250m, to be borrowed to fund the development and long-term financing of the investment programme identified in the report;
(iv) Approve the establishment of a Land and Property Acquisition budget and to borrow £100m for a period of three years on an interest-only basis;
(v) Delegate authority to the Strategic Director of Finance and Investment, in consultation with the Cabinet Member for Finance, Growth and Investment, to make the appropriate borrowing arrangements;
(vi) Delegate authority to the Strategic Director of Finance and Investment, in consultation with the Cabinet Member for Finance, Growth and Investment, to agree the appropriate source(s) of funding for each investment or acquisition;
(vii) Note that the parameters of any delegations would be clarified in tandem with the establishment of the Investment Panel and that each investment decision shall be considered individually and may be subject to approval by Cabinet in appropriate circumstances; and
(viii) Delegate authority to the Strategic Director of Finance and Investment, in consultation with the Cabinet Member for Finance, Growth and Investment and the Director of Law and Governance, to make any necessary and non-material textual changes to the Investment Strategy following the meeting of Cabinet.