Issue - meetings

Medway Development Company Ltd - Six Monthly Report

Meeting: 16/11/2021 - Cabinet (Item 13)

13 Medway Development Company Ltd - Six Monthly Update PDF 1013 KB

Minutes:

Background:

This report updated the Cabinet, as shareholder, about the range of developments being progressed by the Medway Development Company Ltd (MDC). These developments were Chatham Waterfront, Garrison Point, Mountbatten House and Britton Farm Residential.

The report also sought the Cabinet’s agreement of the White Road Closure Report, details of which were set out in Exempt Appendix 1. The report was accompanied by two further exempt appendices. These set out a summary of MDC loans and project expenditure and the MDC Risk Register.

The report was the fifth update report to the Cabinet as a shareholder of MDC, with the most recent update having been considered by Cabinet on 2 February 2021. A report had also been presented to the Cabinet on 15 December 2020 in relation to the Getting Building Fund. An Audit review of MDC had recommended six monthly reporting to the Cabinet and so for 2021 this report would be the second of two updates.

Decision number:	Decision:
	The Cabinet noted the progress being made on the projects outlined in the report.
	The Cabinet noted the additional benefits which MDC provide, such as assisting the Council in compiling funding bids, for example the FHSF and Get Building Fund programmes.
132/2021	The Cabinet noted and agreed the White Road closure report produced for MDC’s first completed scheme as set out in Exempt Appendix 1 to the report.
	The Cabinet noted the investment made by Medway Development Company Ltd to date as set out in Exempt Appendix 2 to the report and the risks update in Exempt Appendix 3.

Reasons:

To continue the regeneration of Chatham and Gillingham with the provision of high-quality housing, public realm works and an improved retail offer.