Decision details

As a Director of Dragonfly Ltd, Councillor Steve Fritchley declared a Disclosable Pecuniary Interest in the following item of business and left the meeting.

Councillor Duncan McGregor in the Chair

Executive’s approval was sought to give the Assistant Director of Property Services & Housing approval to utilise the investment and loan monies previously agreed to deliver the schemes set out in the report.  Any loan granted would be under commercial terms on advice received from the Council’s Treasury Management Advisers.

The report also provided an update on current progress of the Authority’s Joint Venture (JV).

The Assistant Director of Property Services and Housing Repairs provided an update to the meeting in relation to other sites.

Moved by Councillor Duncan McGregor and seconded by Councillor Sandra Peake

RESOLVED that 1) the progress update in relation to Dragonfly Developments Ltd be accepted,

2)   the Assistant Director of Property Services & Housing Repairs be given delegated powers in consultation with the Section 151 Officer, the Growth Portfolio Holder and the Finance Portfolio Holder, to apportion the previously agreed budget to any Dragonfly scheme included within the report.

REASON FOR DECISION:

The Joint Venture directly contributed to the Leader’s ambitions through Improving the Local Economy & building sustainable products to work towards a better Environment.

In addition to meeting the corporate targets, the proposed interventions would help ensure that land sales resulted in the development of the sites in question, making a significant contribution to the wider regeneration of the District.  Financially, the investment was anticipated to generate a significant financial return to the Council in terms of land sales, development profit and investment interest from providing the loan.

OTHER OPTIONS CONSIDERED:

To not invest in the Joint Venture would not allow it to meet its targets or create an income.

The meeting concluded at 1035 hours.