Issue - meetings

This report seeks support for the structure of the proposed Rochester Riverside Management Company, and for the level of influence of Medway Council within the structure.

Discussion:

The report sought approval for the structure of the proposed Rochester Riverside Management Company and for the level of influence of Medway Council within the Structure. 

Councillor Rodney Chambers, supported by Councillor Jarrett, proposed the recommendations as set out in the report.  

Decision:

The Council:

(a)               approved the proposed two tier structure for the Rochester Riverside Management Company and the funding arrangements for the Rochester Riverside Trust;

(b)               agreed that the level of local authority control in the Rochester Riverside Trust is less than 20% so that it can more easily achieve its charitable status and that the level of control in the Community Interest Company is also less than 20%;

(c)               noted the programme of Council approvals required prior to establishing the Management Company;

(d)               noted the timescale for establishing and endowing the Rochester Riverside Trust and Community Interest Company;

(e)               delegate power to the Director of Regeneration, Community and Culture, in consultation with the Leader of the Council to:

(i)                 finalise the articles of incorporation based on the principles set out in the draft articles attached to the report and to do anything necessary in order to establish and register the Rochester Riverside Trust and the Community Interest Company (including registration of the Trust as a charity); and

(ii)               recruit and appoint the external trustees.

Background:

This report sought support for the structure of the proposed Rochester Riverside Management Company, and for the level of influence of Medway Council within the structure. The final approval would facilitate development on the site.

The proposed structure comprised of a two-tier approach with the Rochester Riverside Trust, a Charitable Company limited by guarantee, and a separate but wholly owned subsidiary Community Interest Company. The reasons for the two-tier structure and the proposals for the level of Council involvement in each organisation were set out in the report.

It was noted that the Trust would be responsible for the maintenance and replacement of the river wall and the company would be responsible for the management and maintenance of the public open spaces, non-adopted streets and the other functions.

The Regeneration, Community and Culture Overview and Scrutiny Committee had considered this report on 18 March 2010 and it was noted that the committee had supported the recommendations.

Reasons:

The decision is necessary so that the necessary Council approvals can be secured to permit the management company to be established.  This in turn will allow the s106 obligation to be discharged thus removing a potential barrier to development starting at Rochester Riverside.