Decision Maker: Corporate and Resources Committee

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: November 27, 2025

Purpose:

Content: 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.