Decision details

Before the Committee was a report by the Assistant Director for Regenerative Development, copies of which had been circulated to all Members and a copy of which is attached to the signed copy of these minutes as Item 8.

The report informed members that statutory guidance placed a duty on Local Authorities to prepare an annual investment strategy to be approved by the full Council or equivalent, in advance of forthcoming financial years. The report provided an update on the recent investment activities and current position of the Strategic Property Investment Fund as of January 2025. This covered

·         The current overall Fund structures and completions within the current financial year to date.

·         Review of market situation and Public Works Loan Board (PWLB) Funding criteria.

·         Review and update of processes to support the ongoing structured and measured approach to property income generations and proactive risk management inherent in any property investment.

·         Update on specific aspects of the funds

The primary objective of the Commercial Property Investment Strategy (CPIS) was to build a balanced portfolio generating revenue for the Councils’ delivery of services for the benefit of Adur and Worthing.

Decision:

1)    That the suggested delivery and governance model as set out in the report which will be approved by the full Council as part of the overall CPIS be agreed;

2)    That it be recommended that Adur District Council and Worthing Borough Council adopt the Commercial Property Investment Strategy for 2025/26;

3)    That the budget for future years may be brought forward with the approval of the relevant Cabinet Members for Resources, following their consideration of a business case be approved;

4)    That the contents of the report be noted

Call In: The call-in deadline for decisions will be 5.00pm on 18 March 2025

There are no call-ins for recommendations to Council