Issue - meetings

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.