Decision details

Formation of a Local Authority Trading Company Subsidiary – Property Development Company

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

The decision was necessary in order to provide the authority to create the company structure which is a necessary vehicle for trading with the private sector and delivering the housing scheme.

Decisions:

Cllr Lenny Rolles left the Chamber during discussion and voting on this item.

Members were provided with a business case, on behalf of the Board of Rosherville Limited, for the formation of a subsidiary company – Rosherville Property Development Limited. The Director (Corporate Services) explained that authority was being sought to create a property development subsidiary which it was felt would be a success because of the demand for housing in the town centre. It was important to note that approval of funding for the proposed scheme in the town centre was not being sought and this would be the subject of a further report.

With reference to the Covid-19 impact, the Council was awaiting advice from the Council’s advisors on this matter, Jones Lang LaSalle.

Resolved that:

1)      the formation of the Rosherville Property Development Limited subsidiary company be approved; and

2)      authority be provided for the Director (Corporate Services) in conjunction with the Rosherville Limited Company Secretary to make the necessary arrangements to register the company with companies House.

Cllr Lenny Rolles returned to the Chamber.

Publication date: 23/03/2020

Date of decision: 23/03/2020

Decided at meeting: 23/03/2020 - Cabinet

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