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RESOLVED that
 

1)   
The establishment of a
Special Purpose Vehicle Company Limited by Guarantee (CLG)
operating under the attached Articles of Association (Annex 2) is
approved;
 

2)   
The composition of the
Board of Directors for the Special Purpose Vehicle Company Limited
by Guarantee be confirmed as the Director of Housing, the Director
of Finance and the Director of Property and Projects;
 
3)   
The Members Agreement
(Annex 3) is approved in principle subject to any amendments which
the Executive Director of Place may consider necessary and prudent
in accordance with the delegation set out in recommendation 6
below;
 
4)   
4. A budget of
£63.1m is added to the general fund capital programme funded by prudential borrowing for the
purchase of 150 homes, initially phased £12.6m in 2026/27,
£26.6m 2027/28 and £23.9m in 2028/29;
 
5)   
Authority be delegated
to the Executive Director of Place in consultation with the
Portfolio Holder for Housing to approve the acquisition of 150
properties and the subsequent leasing of the properties to the
Special Purpose Vehicle Company Limited by Guarantee;
 
6)   
Authority be delegated to the Executive Director of Place in
consultation with the Executive Director of Corporate Services
(S151 Officer) and Portfolio Holder for Finance, Assets and
Governance to finalise and enter into
all agreements, contracts and arrangements necessary to establish
and operate the Special Purpose Vehicle Company Limited by
Guarantee.