Issue - meetings

To consider the rationale for the Council’s property investments and how risks are managed.

It may be necessary to exclude the press and public during consideration of this item due to the fact that Appendices 1 and 2 to the reportcontain exempt information within the meaning of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006, Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information) and in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information because if the markets are aware of the Council’s investment strategies and decision making mechanism, it may well put the Council at a commercial disadvantage against other investors operating in similar markets and may hinder the Council obtaining investments at the best value. 

Nick Cummings, Property and Development Manager, presented a report to the Committee on the Council’s commercial investments and outlined the management of associated risks.  An independent report produced by Deloitte had also been made available to the Committee members.

Nick Cummings, the Leader of the Council and Councillor Williams responded to a number of questions raised by members of the Committee.

Resolved to note the report.