Executive Decision Reference 175 (14/15) 14th May 2015
Proposal to IWC Executive for PSPF LLP by david5174
Part-transcript from the Executive
Meeting (not complete, please check against the video which is a
complete record)
Cllr Ian Stephens:
PLC Facilitating Limited – PSPF which
is what we will call it tonight. It's a way for adding capacity to
what we are dealing with regard to looking at assets we can dispose
of. I think that when we are trying to raise capital funding in
certain areas this is probably the best way we can do it. It costs us
nothing also in the agreement it allows us, if we can find a better
price elsewhere, then it doesn't tie us into anything we can go and
search for that price. The 50:50 split on agreed cost with PSPF is
something that people might raise their eyebrows to but there's work
to be done in the background and it's also allowing us to look at the
situation and if we can still make that extra amount of money it
doesn't preclude us from doing that. So I'll leave it at that.
Cllr Steve Stubbings seconds the
recommendation
Mr John Metcalfe:
This does give us the capacity to look
at our portfolio in a creative way and a different way and whilst we
might ultimately choose to go to disposal one of the things I very
strongly would like to generate additional revenue from our
portfolio. We'll get a huge amount of technical and professional
and other advice that come as part of this particular joint venture
and they bring that to the table. If we wanted to do the same thing
ourselves we'd have to go out and get it.
Cllr Jonathan Bacon
This appears to be a scheme that
retains Council control over the matter so we do not need to go with
anything where the 50% would be any less than [we could obtain] from
our own Officers so it seems, as the recommendation says it gives us
an additional option to do something more creative than we could do
within our organisation.
Cllr Stubbings
You've just used the word 'creative'
which is pretty important here and it's very important that it is
understood not merely as a proposal that brings forward a means by
which we can dispose of our assets it is a proposal which brings
forward options which are open to us in terms of the proper
utilisation of our assets as Mr Metcalfe just mentioned there are
certainly some assets which the Council currently holds which
potentially are not being realised fully in terms of what they might
generate for us and I had the privilege of meeting with one of the
representatives of PSPF when they first came down with this proposal
and I was convinced that the level of expertise that they have and
the potential of bringing to the table in regard to this is quite
considerable. I was also persuaded by the potential that they have
for generating extra funding towards projects which the Council may
wish to take part in. I was certainly persuaded by that, Chairman,
and I would just like it to be mentioned very fully here in the
chamber today so nobody gets the wrong end of the stick here we are
not giving away the [?] or the option of being able to realise our
assets fully in terms of disposal or in terms of utilisation we are
entering into a partnership, a joint venture with a company which
specialises in this area and by doing that we will make full use of
our assets. Thank you chair.
Cllr Paul Fuller
I can only echo what's been said I
think we have as a council to learn from mistakes made in the past
and certainly selling off assets at below market value is a real
concern to the wider community I think we need that assurance that we
make the right decisions in the future and I welcome this opportunity
to do so.
Cllr Dave Stewart
The comments under C – the Scrutiny
views – it would be fair to say there was surprise in Scrutiny
because they didn't quite understand what was happening here and had
very little time to get into it. But as Stubbings has highlighted it
does seem an opportunity and a very practical approach. There was a
question about the period of the Partnership. Scrutiny's views have
been well-addressed. I would expect a good monitoring process in
place to see the benefits.
Vote: Unanimous yes.
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