Issue - meetings

(Urgency provisions have been invoked in relation to this decision and further details are contained at paragraph 3.1 of the report).

Cabinet received a report which included detailed proposals for the delivery of growth and regeneration schemes in Peterborough and for the Council’s involvement in those schemes. In summary, the report sought Cabinet’s approval to:

i)             Establish a 50:50 joint venture company with a new Peterborough Investment Fund to prepare viable and consented development schemes for a series of sites;

ii)            Participate in the governance of the Peterborough Investment Fund through representation of the Fund’s Investment Committee and Management Board;

iii)           Grant Option Agreements on the sites as listed within the report, to the Peterborough Investment Fund;

iv)           Approve the future Council office consolidation plan described in the report and enter into an Agreement for Lease with the Peterborough Investment Fund for new administrative offices to be developed on Fletton Quays; and

v)            Recommend to Council that the Treasury Management Strategy is amended to permit investments in Collective Investment Schemes to enable the Council to participate in the profits of the Peterborough Investment Fund, if it chose to do so.

         The Chairman advised that work on proposals for a Joint Venture had been taking place since 2009 and it was an incredible opportunity for the city which would provide funding for delivery growth schemes. The investment would ensure that the city thrived, with continued growth in new jobs and homes.

         The Director of Growth and Regeneration provided Cabinet with a further detailed overview of the report’s main aspects including the significant challenges faced within the city; the Council’s growth delivery arrangements following a series of measures agreed by Cabinet in December 2009 in the report entitled ‘Peterborough’s Growth Delivery Arrangements’ which aimed at driving forward the city’s growth ambitions in the wake of the economic downturn that began in 2007 and a summary of the proposed model and how it would work going forward, including redevelopment of a number of council owned sites and Council office consolidation into a purpose built building on Fletton Quays.

Cabinet debated the report and comments and responses to queries included:

·         There would be no funding from Government going forward, therefore those involved in the development of the scheme should be congratulated on the work undertaken;

·         The role of Opportunity Peterborough would change to enable more focused economic development activity, skills and marketing of the city to businesses and investors;

·         Once the fund had been established, information regarding investors into the fund would become available once the business had been listed on the stock market.

Cabinet considered the report and RESOLVED the following:

In order to facilitate the establishment of a Peterborough investment Fund to bring forward development through £130m of external investment, Cabinet is recommended to approve:

(1)   The business case for an investment joint venture as attached at Appendix 1 to the report;

(2)   The establishment of a Joint Venture Company with a Fund regulated by a UK registered fund manager with a 50% equal shareholding for each party;

(3)   Investment of £3m funded from the existing capital programme, representing the value of  ...  view the full minutes text for item 5