The Committee consider a motion submitted by Councillor Beecher and were asked to make a recommendation to the Corporate Policy and Resources Committee.
The Deputy Chief Executive explained that a report was being created by officers to enable informed discussion of the motion and would be ready for committee at the next meeting. It was proposed that the item be moved to 14 November 2022.
The Committee voted and resolved not to defer their discussion.
The Deputy Chief Executive and the Chief Financial Officer explained the challenging position that Knowle Green Estates was in. These challenges included a reduction in forecast rental income, increased construction costs, and increased interest rates from the Public Works Loan Board. These would leave Knowle Green Estates in a non-viable position.
It was proposed by Councillor I Harvey, seconded by Councillor Buttar and resolved that the public and press be excluded during further consideration of the item, in accordance with paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended) because it was likely to disclose 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, disclosure to the public would prejudice the financial position of the authority in being able to undertake even-handed negotiations and finalising acceptable contract terms.
Following discussion of the exempt information the meeting returned to open session.
It was proposed by Councillor I Harvey, seconded by Councillor Buttar and resolved that the committee did not recommend a temporary adoption of the Staines Development Framework and that the Sub-Committee recommend that the Council move ahead promptly, without delay tomaximise the viability of Council owned development assets.