Issue - meetings

Decision number:

Decision:

69/2017

The Cabinet agreed, in principle, the creation of a housing company limited by shares to undertake development activity and property investment principally within, but also outside Medway.

70/2017

The Cabinet noted the governance and operational features of a housing company as set out in section 5.7 of the report and agreed the proposed structure and the role of the Council as shareholder as set out in section 5.7 of the report.

71/2017

The Cabinet agreed the principle of the Council financing the housing company through a mix of equity and debt, with state aid compliant loans in a format to be agreed by the Chief Finance Officer.

72/2017

The Cabinet agreed to delegate authority to the Chief Legal Officer, in consultation with the Deputy Leader and Portfolio Holder for Housing and Community Services, to commission a Business Case for future Cabinet approval prior to the setting up of a housing company.

73/2017

The Cabinet agreed to delegate authority to the Chief Legal Officer, in consultation with the Deputy Leader and Portfolio Holder for Housing and Community Services, to commission or produce Articles of Association, a Shareholders Agreement and all other ancillary documentation that may be needed prior to the setting up of a company.

74/2017

The Cabinet agreed to instruct the Chief Legal Officer to submit a further report to Cabinet to seek final approval for the creation of a housing company after consideration of the Business Case and once all of the necessary arrangements and requirements were in place.