Purpose

This report provides an update to Cabinet on
the incorporation of a Housing Company, following its previous
decision to approve an Outline Business Case for its
establishment.

Decision

That Cabinet:
 

1.   
Agree that Appendices Two and Three, are not for
publication on the basis that they contain information relating to
the financial or business affairs of any particular person
(including the authority holding that information) as set out in
paragraph 3 of Schedule 12A of the Local Government Act 1972 (as
amended).
 

2.   
Approve the decision to establish and incorporate a
wholly-owned Housing Company.
 

3.   
Note the existing delegations (approved within the
Cabinet Report at Appendix One) that permit the Executive Director
of Finance and Corporate Services in consultation with the Cabinet
Member for Finance and Reform and the Director of Legal Services to
carry out the necessary functions to implement Recommendation
2.
 

4.   
Note the strategic direction of the Company’s
Draft Business Plan (as summarised in exempt Appendix Two) that its
Board will consider once operational.
 

5.   
Approve the provision of a loan facility, up to the
amount specified in exempt Appendix Two, to the Company for its use
as working capital in order to finance its operations and to
refurbish three void properties and other investment opportunities
that may arise.
 

6.   
Delegate authority to the Cabinet Member for Finance
and Reform, in consultation with the Executive Director of Finance
and Corporate Services and the Director of Legal Services, to agree
the final terms of and to implement the loan facility.
 

7.   
Delegate authority to the Cabinet Member for Finance
and Reform, in consultation with the Executive Director of Finance
and Corporate Services and the Director of Legal Services, to
authorise the transfer of underutilised assets to the
Company.
 

8.   
Delegate authority to the Executive Director of
Finance and Corporate Services and the Executive Director of Place
to, acting on behalf of the council, negotiate, agree and enter
into Service Level Agreements with the Company on behalf of
services within their remit(s) to support the operations of the
Company.
 

9.   
Note that Officers will provide regular progress
updates and briefings to Cabinet and Cabinet Members, including an
annual update report to Cabinet.