To receive any apologies for absence

Apologies for absence were received from Cllr D Evans, Cllr Saunders and Alison Alexander.

To receive any declarations of interest

The Chairman declared that he had a non-pecuniary interest in Homes England (Homes and Communities Agency) due to his role as a director. 

To consider the Part I minutes of the meeting held on 26 October 2017

RESOLVED UNANIMOUSLY: that the Part I minutes of the meeting held on 26 October 2017 were approved.

The Chairman welcomed Cllr Grey who had been appointed as the new Lead Member for environmental services (including parking and flooding) after Cllr Cox had decided to step down from his Cabinet position. 

Item withdrawn 11/12/17 for further work

The Cabinet Regeneration Sub Committee were informed that the item had been withdrawn for further work.

To consider the above report

Members considered the report that provided an update on the RBWM Property Company Ltd.

The Lead Member informed that the report was an update on the activities of the RBWM Property Company.  With the appointment of Barbara Richardson as the property company Managing Director and the momentum built up with both the town centre and golf club joint ventures, this was a significand and important update that would be provided on a regular basis.

The report updated Members on the business plans, key performance indicators, governance, new appointments, properties and development programmes.

Members were informed that the company was projecting a net surplus of £82,000, with £75,000 being returned to the General Fund. There would also be a saving of £175,000 on consultant fees that the Council would have had to pay. This saving was as a result due to the new capability within the company. The Lead Member explained that he was particularly proud of this extra value added for the Council.

The Lead Member also informed that the current company structure was as a private limited company but not VAT registered one as rental income was not vatable. As consultant fees were VAT table it was recommended that a VAT element was established.  Members were informed that if the property company was VAT registered then it would be able to charge for consultative work.

The Chairman mentioned that fees would be paid to the RBWM Property Company and come back to the Council as part of its surplus rather than having to be paid to a third party.  To enable this the company had to be VAT registered.

The Lead Member for Culture and Communities asked for clarification on the management charge of £225,000 as detailed in section 4.2 of the report.  In reply Members were informed that this was for work undertaken by the property company that would otherwise have gone externally.  Although there would be a continued annual charge this would become self-funding and be a reduced amount then what was being paid if from within the Council.

The Lead Member informed that there had been two appointments, for a Head of Land and  an Operations Manager, these would start in January 2018 and March 2018 respectively.  There would also be appointments of non-executive directors.  The Chairman asked how many non-executive directors would be appointed and was informed that there would be three recommended by the company’s board.

The Lead Member for Culture and Communities mentioned that the property company currently owned 11properties and asked for the property type and if they were let to key worker.  Members were informed that there were 8 one-bedroom properties and 3 three-bedroom properties.  Some were let to key workers and at below market affordable rent.  Three of the tenants had been moved out of temporary accommodation.  Members recommended that there be a press release.

The Lead Member for Environmental Services asked how the tenants were chosen and was informed that the tenants had to be credit checked and in  ...  view the full minutes text for item 107.

That under Section 100(A)(4) of the Local Government Act 1972, the public be excluded from the remainder of the meeting whilst discussion takes place on items 5-6 on the grounds that they involve the likely disclosure of exempt information as defined in Paragraphs 1-7 of part I of Schedule 12A of the Act

RESOLVED UNANIMOUSLY: That under Section 100(A)(4) of the Local

Government Act 1972, the public be excluded from the remainder of the

meeting whilst discussion takes place on the grounds that it involves the likely disclosure of exempt information as defined in Paragraphs 1-7 of part I of Schedule 12A of the Act.

To consider the Part II minutes of the meeting held on 26 October 2017

To note the Part II appendix to the earlier Part I report