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Decision details
Creation of the Housing Company
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
This report seeks approval for the creation of
a Housing Company wholly owned by the City Council.
Decision:
Cabinet:
1. Approved the Detailed Business Case to establish a local housing company, a Housing Trading Company (HTC) to carry out housing development,
2. Approved the governance arrangements recommended in the Detailed Business Case, and specifically the establishment of the Housing Trading Company (HTC) registered as a company limited by shares .
3. Authorised the Executive Director Growth & Regeneration, in consultation with Service Director Finance, Director Legal and Democratic Services and the Deputy Mayor for Finance, Governance and Performance to determine the appropriate shareholder for the HTC , approve the Articles of Association, Shareholder Agreement and reserved matters for the company, registration of the company and recruitment of the independent non-executive directors and such other matters and agreements as are required in order to enable the establishment and ongoing operation of the company.
4. Approved the initial Business Plan for the HTC which will allow it to commence operations.
5. Noted that a separate report will be brought forward at a later date to consider the benefits of establishing a Housing Investment Company to hold new homes.
6. Authorised the Executive Director Growth & Regeneration in consultation with the Cabinet Member for Housing and the Service Director Finance to approve the transfer of land at Romney House, Lockleaze and the Baltic Wharf Caravan Club site to the HTC on terms to be agreed.
7. Approved the drawdown of up to £250k in 2018/19 of existing capital budget provision to fund the set-up of the company and authorise the Executive Director Growth & Regeneration in consultation with the Service Director Finance, Service to secure sufficient PWLB borrowing [not expected to exceed £10m] to on-lend to the HTC to enable it to deliver its HTC Business Plan.
8. Authorised the Service Director Legal Services in consultation with Deputy Mayor for Finance, Governance and Performance to establish and implement a process for the selection and appointment (and appropriate training) of Directors to the Board of the HTC.
Report author: Colin Molton
Publication date: 04/09/2018
Date of decision: 04/09/2018
Decided at meeting: 04/09/2018 - Cabinet
Effective from: 12/09/2018
Accompanying Documents:
- Housing Company Cabinet Report v12 PDF 171 KB
- Appendix E - EqIA Full Form (Housing company) v1 PDF 136 KB
- Appendix F - Eco Impacct Assessment (Housing Company)_AH comments PDF 32 KB
- Detailed Business Case v27 with apps NOT exempt app2 PDF 3 MB
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- Project Plan - HTC's req PDF 425 KB