Issue - meetings
Update on Establishment of Company to be known as 'EM DEVCO Limited'
Meeting: 30/03/2021 - Cabinet (Item 115)
Report of the Strategic Director of Place
Presented by the Planning and Infrastructure Portfolio Holder
Councillor R Ashman presented the report, which provided an update on the proposals for a locally led Development Corporation following the approval of Council on 16 March 2021 for the allocation of funding in 2021/22, and sought Cabinet approval for several delegations relating to the incorporation and future decision-making of the Interim Vehicle. The report and proposals within were welcomed by Members.
It was moved by Councillor R Ashman, seconded by Councillor R Blunt and
RESOLVED THAT CABINET:
1) Approves the expenditure of £167,000 to support the Interim Vehicle for the first year
2) Delegates authority to the Strategic Director (Place) in consultation with the Planning and Infrastructure Portfolio Holder to approve the detailed terms of the funding agreement and ancillary documents/agreements to give effect to the expenditure and to facilitate the incorporation and operation of the interim vehicle
3) Endorses the appointment of the Chief Executive to act as director of the interim vehicle, once established, in accordance with the council’s right to appoint one director under the terms of the proposed articles of association and members agreement; and
4) Delegates the function to make decisions on behalf of the council as member of the interim vehicle, once established, to the Planning and Infrastructure Portfolio Holder.
Reason for decision: The proposed delegations in the report require Cabinet approval.