Meeting Details

Revolving Investment Fund Committee
20 Dec 2018 - 18:00 to 20:00
Occurred

Documents

Agenda

Part A
1 Welcome and Announcements
The Chairman will welcome members of the public and Councillors and remind everyone to use microphones at all times when they are speaking. The Chairman will also explain action in the event of an emergency, mobile phones switched to silent, audio-recording of the meeting. Councillors who are members of the committee will introduce themselves.
2 Substitutions
Councillors will be asked to say if they are attending on behalf of a Committee member who is absent.
3 Urgent Items
The Chairman will announce if there is any item not on the published agenda which will be considered because it is urgent and will explain the reason for the urgency.
4 Declarations of Interest
Councillors will be asked to say if there are any items on the agenda about which they have a disclosable pecuniary interest which would prevent them from participating in any discussion of the item or participating in any vote upon the item, or any other pecuniary interest or non-pecuniary interest.
5 Minutes of Previous Meeting
The Councillors will be invited to confirm that the minutes are a correct record of the meeting held on 17 October 2018.
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RESOLVED that the minutes of the meeting held on 17 October 2018 be confirmed as a correct record.
6 Have Your Say!
The Chairman will invite members of the public to indicate if they wish to speak or present a petition on any item included on the agenda or any other matter relating to the terms of reference of the meeting. Please indicate your wish to speak at this point if your name has not been noted by Council staff.
The Committee will be invited to give approval to the Council entering into negotiations with the recommended preferred bidder for a site located within Colchester Business Park, known as Plot 600 and to delegate authority to the Assistant Director for Policy and Corporate in consultation with the Portfolio Holder for Resources to approve the final terms and legal documents for the subsequent sale of the site.  
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The Assistant Director, Policy and Corporate submitted a report a copy of which had been circulated to each Member.

Elizabeth Simpson, Head of Estates, Colchester Amphora Ltd, and Fiona Duhamel, Assistant Director, Colchester Commercial (Holdings) Ltd, presented the report to the Committee. It was explained that the site had been openly and widely marketed.  Six expressions of interest had been received, leading to three formal bids.  These had been assessed using a weighted scoring matrix and were scored against purchase price, site area required, conditions, suitability of proposed use and the bidders ability to perform.   On the basis of the assessment officers were making a recommendation, the details of which were set out in Appendix on part B of the agenda.  

In discussion members of the Committee sought reassurance that adequate parking facilities would be provided.  It was explained that the recommended bid was conditional.  One of the conditions would require the successful bidder to obtain planning permission and parking provision would be addressed as part of this process.  Members also explored whether the business park would be connected to the ultra-fast broadband network.  It was explained that a bid had been made to Department for Culture, Media and Sport for funding to extend the network to north Colchester.  If successful it was hoped that the network would extend to the Business Park.  However, the tenants could not be compelled to connect to the network.

The Committee welcomed the proposals set out in the Assistant Director’s report.   The bid assessment process was an effective and well established process in which members and the public could have confidence.  It was noted that it was anticipated that the development would support 500 office based jobs, both existing and new.  This was consistent with the wider policy for commercial sites in North Colchester, where office developments were being sought in order to drive an uplift in wages, rather than warehouse developments, which needed large plots of land and created a smaller number of jobs.  The interest in the site and number of bids received was indicative of the confidence the business community felt in Colchester as on office location.  


RESOLVED that:-

(a) The disposal of Plot 600, as identified on the site plan at Appendix A to the Assistant Director’s report, be agreed. 

(b) The total capital receipt for this site be allocated into the Revolving Investment Fund (RIF).
 
(c) Negotiations be entered into with the preferred bidders for Plot 600 as detailed in Appendix B on part B of the agenda. 

(d) If agreement is not reached with the preferred bidder for the site, authority be delegated to the Assistant Director, Policy and Corporate, in consultation with the Portfolio Holder for Resources to approach the under bidders to secure the best terms for disposal.

(e) Authority be delegated to the Assistant Director, Policy and Corporate, in conjunction with the Portfolio Holder for Resources to negotiate the Heads of Terms and the conclusion of legal documentation for the sale of the site.


REASONS

To enter into negotiations with the preferred bidder for the site with the objective of disposing of them to secure capital receipts to support the Revolving Investment Fund (RIF) which recycles capital to fund regeneration projects and income producing investments.

ALTERNATIVE OPTIONS

The Council could keep hold of the land and retain it as a longer term asset to develop it itself in the future. However, the capital receipt has already been earmarked to support regeneration projects within the RIF.

The Council could seek to accept bids which were not conditional on planning or on any other factors. Whilst this may be suitable in order to dispose of the property quickly, it may not achieve the highest value and/or the best use of the site although it would remove some of the risks surrounding a conditional disposal.
 
8 Exclusion of the Public (Cabinet)
In accordance with Section 100A(4) of the Local Government Act 1972 and in accordance with The Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012 to exclude the public, including the press, from the meeting so that any items containing exempt information (for example personal, financial or legal advice), in Part B of this agenda (printed on yellow paper) can be decided. (Exempt information is defined in Section 100I and Schedule 12A of the Local Government Act 1972).
Publication and Call in Arrangements
Date Published 21 December 2018

Date when decisions may be implemented (unless ‘called in’) 5pm 4 January 2019 

NB All decisions except urgent decisions, those subject to pre-scrutiny and those recommended to Council may be subject to the Call-in Procedure.  

Requests for the scrutiny of relevant decisions by the Scrutiny Panel must be signed by at least ONE Councillor AND FOUR other Councillors to countersign the call-in form OR to indicate support by e-mail.  All such requests must be delivered to the Proper Officer by no later than 5pm on Friday 4 January 2019.
 
Part B
The Committee will be invited to approve the not for publication extract from the minutes of the meeting on 17 October 2018
  1. RIF minutes 171018 - not for public extract
    • This report is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (financial / business affairs of a particular person, including the authority holding information).
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The Committee resolved under Section 100A(4) of the Local Government Act 1972 and in accordance with the Local Authorities (Executive Arrangements)(Meetings and Access to Information)(England) Regulations 2012 to exclude the public from the meeting for the following item as they involved the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972.

RESOLVED that the not for publication extract from the minutes of the meeting held on 17 October 2018 be confirmed as a correct record.
 
The Committee will consider the exempt information contained in Appendix B to the report.
  1. Plot 600 Colchester Business Park Disposal of Site - Appx B 201218
    • This report is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (financial / business affairs of a particular person, including the authority holding information).
84
The Committee resolved under Section 100A(4) of the Local Government Act 1972 and in accordance with the Local Authorities (Executive Arrangements)(Meetings and Access to Information)(England) Regulations 2012 to exclude the public from the meeting for the following item as they involved the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972.

This minute is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (information relating to the financial or business affairs of a particular person, including the authority holding the information).
 

Meeting Documents

  1. RIF 201218 - not for publication extract - Exempt

Attendance

NameReason for Sending ApologySubstituted By
Councillor Tim Young Councillor Tina Bourne

Declarations of Interests

Visitors

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