Decision

Cabinet:
1. Agreed that the Council enters
into a 50:50 controlled Limited Liability Partnership with
Hill Investment Partnerships Limited and that this entity will have
the authority to deliver against the agreed business
plan(s)
2. Delegated authority to the Strategic Director,
Corporate and Commercial Services in consultation with the
Assistant Director, Legal and Democratic Services and the Chief
Finance Officer, to finalise all financial due diligence, negotiate
and complete a Members Agreement and any other contractual and
legal documents required to facilitate the setting up and operation
of the Investment Partnership
RESOLVED TO RECOMMEND
3. Recommended that Council approves a budget
of £150k to cover the Council’s share of any external
costs associated with scheme development for the initial Business
Plan – which will come back to Cabinet by the end of the year
- and delegates authority to the Strategic Director, Corporate and
Commercial Services in consultation with the Assistant Director
Legal and Democratic Services and the Chief Finance Officer to
draw-down funds for activities associated with this work. Page
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4. Noted an anticipated ongoing operating budget
requirement (currently estimated at circa £140k per annum)
for the Council’s share of the Investment Partnership’s
operational costs – to come back to Cabinet by December 2025
for approval.
5. Noted that the Chief Executive has agreed with the
Leader of the Council that the following officers will be appointed
to the Board of the Limited Liability Partnership:
Strategic Director, Corporate and Commercial
Services
Strategic Director, Housing and Property
Services
Strategic Director,
Place