Decision details

To provide an update to Cabinet of the work of the Investment Board from August 2023 to April 2024.

Members considered the Investment Board update and review of the Commercial and Investment Strategy report presented by Councillor Boden.

Councillor Boden stated that due to commercial confidentiality he could not provide too much detail, but Fenland Future Ltd is likely to shortly instruct their development partners to commence The Elm’s full planning application and starting the full planning application process for at least Phase 1 of the Nene Waterfront.

Councillor Tierney said that some people may find the work of the Investment Board slow and methodical but that is an asset. The decisions being taken are sensible, at the correct pace and the correct level of risk. This is ultimately public money and public investment.

Councillor Boden thanked Councillor Tierney saying that some councils have put themselves in a terrible financial position by overstretching themselves. When it comes to outside commercial investments, Councillor Boden has received 72 propositions and ended up with one through being cautious.

Proposed by Councillor Boden, seconded by Councillor Benney and AGREED to note the report of the Investment Board and to note the ongoing review of the current Commercial and Investment Strategy as determined by the constitution and delegated to the S151 officer for tabling at a future meeting.