Decision details

Members considered the Approval and Implementation of Fenland District Council’s Commercial Investment Strategy report presented by Councillor Boden.

Councillor Boden said that comments have been made that the only voting members of the LATCo will be officers. He advised that this is because it is an implementation board and therefore it needs to act quickly.  It is opinion that the involvement of members will cause delay and lack of focus in what the board is meant to achieve. The LATCo is heavily controlled by the member-led Investment Board, which will determine the policies and strategy of the LATCo and will monitor its work. Councillor Tierney said he agreed with the setup, which he found sensible. Councillor Boden thanked Councillor Tierney and added that he thought the introduction of an independent Chairman of the LATCo would be very helpful.   

Cabinet AGREED to recommend the following to full Council for approval:

·         the draft Commercial and Investment Strategy (“the Strategy”) at Appendix 1 of the report;

·         amendments to the terms of reference of Cabinet so as to delegate to it the functions set out at paragraph 3.1 of Appendix 4 of the report;

·         the proposed creation of a new sub-committee by Cabinet at its meeting on 16January 2020 called the ‘Investment Board’ which will be responsible for implementation of the Strategy in accordance with the purposed delegations set out in paragraph 3.2 of Appendix 4 of the report;

·         the establishment of a Local Authority Trading Company (“LATCo”) (via the above delegations) for the purpose of facilitating delivery of the Strategy with effect from April 2020 or as soon as reasonably possible after that;

·         the Constitutional amendments required to give effect to the above proposals as set out at paragraphs 1, 2, 3 and 4 of Appendix 4 to the report; 

·         insofar as the establishment of the LATCo is concerned delegation to the Monitoring Officer in consultation with CMT and the Leader the authority necessary to finalise and put in place any agreements and legal documentation necessary to bring it into effect;

·         notes the proposed intention that the Investment Board will be able to utilise reserves and/or borrow sums up to a combined maximum of £25 million in order to deliver the objectives of the Strategy.

Subject to the approval of the above by Council, Cabinet AGREED to recommend that CMT formulate a fully costed business case in relation to the development of Nene Waterfront in Wisbech with a view to this then being comprised within the business plans of the LATCo (once established).