Issue - meetings
Request for authority to sell properties purchased by the Council for PRS purposes to the Council’s wholly owned company ‘Investing 4 Brent’ for the discharge of homeless duty
Meeting: 22/05/2017 - Cabinet (Item 14)
Additional documents:
- Appendix 1 - Extract from the Temporary Housing Reform Plan Annex 1 section 8, item 14
PDF 49 KB
- Appendix 2 - Capital Financing Costs, item 14
PDF 44 KB
Decision:
RESOLVED:
12.1 Cabinet approved the sale of residential properties purchased or identified by the Council for the Private Rented Sector programme to be sold to the new wholly owned company ‘Investing 4 Brent’ on the basis of the valuation methodology set out in this report.
12.2 Cabinet delegated authority to the Strategic Director of Resources, in consultation with the Chief Finance Officer, for the sale of properties identified for the PRS programme to Investing 4 Brent.
12.3 Cabinet approved the change of name of the Council’s wholly owned company from Investing 4 Brent Ltd to I4B Holdings Ltd.
Minutes:
Councillor Butt (Leader of the Council) introduced the report which sought approval of a request for authority to sell properties purchased by the Council for Private Rented Sector (PRS) purposes to the Council’s wholly owned company ‘Investing 4 Brent’. Councillor Butt informed Cabinet that the first purchase had taken place in September 2016 and that, as of 24 April 2017, thirty properties had been purchased from the market and three Council empty homes had been identified for sale to the new PRS Company. Councillor Butt drew Members’ attention to the fact that properties purchased by the Council for PRS purposes would be sold onward at no financial detriment to the Council. Councillor Butt said that Investing 4 Brent Ltd had requested to change its name to I4B Holdings Ltd in order to support its branding in business activities outside the Borough.
RESOLVED:
14.1 The sale of residential properties purchased or identified by the Council for the Private Rented Sector programme to be sold to the new wholly owned company ‘Investing 4 Brent’ on the basis of the valuation methodology set out in this report be approved.
14.2 Authority be delegated to the Strategic Director of Resources, in consultation with the Chief Finance Officer, for the sale of properties identified for the PRS programme to Investing 4 Brent.
14.3 The change of name of the Council’s wholly owned company from Investing 4 Brent Ltd to I4B Holdings Ltd be approved.