Issue - meetings

The report presents the i4B Holdings Ltd (i4B) Business Plan 2019/20 to Cabinet for Shareholder approval as well as seeking approval to the rent collection and arrears management policy and updated financial model.

RESOLVED that:

i)     Cabinet approved the Business Plan as set out in appendix 1 to the report from the Chief Executive.

ii)    Cabinet agreed to increase the proportion of properties purchased in Brent and Greater London.

iii)   Cabinet agreed to the proposal for the realignment of agreed funding which included:

·         increasing the budget for PRS Phase 1 from the approved £103.5m to £109m.

·         Changing the PRS Phase 2 budget from £116m to £110.5m.

·         Making £24m of the £110.5m available for the street properties and

making £86m available for the purchase of new build properties

·         Total agreed funding remains the same at £254.5m.

iv)   Cabinet approved the increase of the Company’s cash flow facility from £3.5m to £4.0m.

v)    Cabinet approved the Rent Collection and Arrears Management policy as set out in appendix 2 to the report from the Chief Executive.

vi)   Cabinet approved the updated financial model.

Councillor Margaret McLennan, Deputy Leader, introduced the report setting out the i4B Holdings Ltd (i4B) Business Plan 2019/20, a rent collection and arrears management policy, and an updated financial model, to Cabinet for Shareholder approval. i4B Holdings Limited had been established as a wholly owned investment company to own and manage private rented sector properties in order to support the council’s homelessness agenda. The i4B business plan for 2019/20 refined the proprieties detailed in the previous year’s iteration. However, as a result of changes in market conditions, opportunities arising over the past twelve months and scheme details emerging, the Company was requesting shareholder support for a realignment of the £254.5m financial commitment provided in February 2018 by Cabinet.

In considering the recommendations detailed in the report, the Cabinet had before them an appendix not for publication as it contained the following category of exempt information as specified under paragraph 3, Part 1 of Schedule 12A of the Local Government Act 1972, namely “Information relating to the financial or business affairs of any particular person (including the authority holding that information)".

RESOLVED that:

i)     Cabinet approved the Business Plan as set out in appendix 1 to the report from the Chief Executive.

ii)    Cabinet agreed to increase the proportion of properties purchased in Brent and Greater London.

iii)   Cabinet agreed to the proposal for the realignment of agreed funding which included:

·         increasing the budget for PRS Phase 1 from the approved £103.5m to £109m.

·         Changing the PRS Phase 2 budget from £116m to £110.5m.

·         Making £24m of the £110.5m available for the street properties and

making £86m available for the purchase of new build properties

·         Total agreed funding remains the same at £254.5m.

iv)   Cabinet approved the increase of the Company’s cash flow facility from £3.5m to £4.0m.

v)    Cabinet approved the Rent Collection and Arrears Management policy as set out in appendix 2 to the report from the Chief Executive.

vi)   Cabinet approved the updated financial model.