To consider and endorse or comment on the proposed decision to be taken by the Cabinet Member for Corporate and Democratic Services in consultation with the Cabinet Member for Finance and Procurement to approve the closure of Property Enterprise Fund 1 and Property Enterprise Fund 2
(1) Mr Cooke (Cabinet Member for Corporate and Democratic Services) introduced the report which recommended the closure of two Property Enterprise Funds. He said the funds had been very successful in achieving their original objectives and a new fund was now required to support the aims of generating income from property and ensuring a future disposal pipeline.
(2) In response to questions, Andy Wood (Corporate Director of Finance and Procurement) said that once the funds were closed, there would be pressure on the Corporate Landlord Budget to meet the holding costs of these assets and discussions were continuing to resolve this as well as the issue of funding assets for disposal. He also said that the existence of the funds had enabled capital projects to be undertaken and avoided having to sell assets at a time when the market was low.
(3) Resolved that the Cabinet Member’s proposed decision, to be taken in conjunction with the Cabinet Member for Finance and Procurement, be endorsed.