Issue - meetings

This paper sets out a series of matters which require Cabinet consent as shareholder of I4B Holdings Ltd. This paper also sets out the proposed process and timetable for the development of the I4B Holdings Ltd Business Plan for 2018/19.

RESOLVED that:

7.1         The Council and the I4B Holdings Ltd should enter into a new four-year Services Agreement to provide a range of support services;

7.2         £50m be made available for drawn-down (by I4B Holdings Ltd) as the final tranche of the £100m PRS funding, to complete the purchase of 300 properties in line with the Cabinet’s agreement of the Temporary Reform Accommodation Plan in March 2016 and the 2017/18 to 2019/20 budget in February 2017;

7.3         The end of I4B Holding Ltd’s first financial year be moved from the end of December 2017 to the end of March 2018 to bring it in line with the Council;

7.4         The appointment of an additional Company Director to the I4B Holdings Ltd Board be agreed;

7.5         I4B Holdings Ltd’s intention to develop its second Business Plan and seek Shareholder agreement at the Cabinet meeting in February 2018 be noted; and

7.6         The establishment of an Equity Investment Framework, restricting the Council’s investment in I4B Holdings Ltd to 25% of total capital invested be approved.

At this point, Phil Porter, Strategic Director, Community Wellbeing, and Peter Gadsdon, Director, Policy, Performance and Partnerships, declared an interest as both are Directors of I4B Holdings Ltd. 

Councillor Margaret McLennan, Deputy Leader of the Council, introduced the report which set out a series of matters requiring Cabinet consent as shareholder of I4B Holdings Ltd. Councillor McLennan stated that the paper also sets out the proposed process and timetable for the development of the I4B Holdings Ltd Business Plan for 2018/19.

RESOLVED that:

7.1         The Council and the I4B Holdings Ltd should enter into a new four-year Services Agreement to provide a range of support services;

7.2         £50m be made available for drawn-down (by I4B Holdings Ltd) as the final tranche of the £100m PRS funding, to complete the purchase of 300 properties in line with the Cabinet’s agreement of the Temporary Reform Accommodation Plan in March 2016 and the 2017/18 to 2019/20 budget in February 2017;

7.3         The end of I4B Holding Ltd’s first financial year be moved from the end of December 2017 to the end of March 2018 to bring it in line with the Council;

7.4         The appointment of an additional Company Director to the I4B Holdings Ltd Board be agreed;

7.5         I4B Holdings Ltd’s intention to develop its second Business Plan and seek Shareholder agreement at the Cabinet meeting in February 2018 be noted; and

7.6         The establishment of an Equity Investment Framework, restricting the Council’s investment in I4B Holdings Ltd to 25% of total capital invested be approved.