Update: November 2016 -The decision is no longer required as the closure of the PEF’s was a natural consequence of the decision to create the Property LATCO (GEN2). https://democracy.kent.gov.uk/mgIssueHistoryHome.aspx?IId=32254&Opt=0
Approval by the Cabinet Member for Corporate and Democratic Services and the Cabinet Member for Finance and Procurement for the Director of Property and Infrastructure Support and the Director of Finance and Procurement to:
1. Close Property Enterprise Fund 1 and Property Enterprise Fund 2 with immediate effect.
2. Release the land and property currently held within the funds to be sold as part of KCC’s main disposals programme and for those capital receipts to be used to support the Council’s capital programme.
3. Instruct the Director of Property and Infrastructure Support to consider a business case that supports a decision for a new Property Investment Fund.
The objective of the fund being to implement a KCC investment portfolio to support an income return from property assets and grow the property asset base so that KCC has a future disposal pipeline.
Decision type: Key
Reason Key: Expenditure or savings of more than £1m;
Decision status: Abandoned
Division affected: (All Division);
Notice of proposed decision first published: 08/12/2014
Anticipated restriction: Part exempt - View reasons
Department: Strategic & Corporate Services
Contact: Donald Farquharson, Head of Capital Projects 3000 416079 Email: email@example.com Tel: 01622 696303.
The PEF1 and PEF2 are reported in the Medium
Term Plan, however, the proposal to clsoe them is based upon them
being identified as redundant funding mechanisms snce the
introduction of the Corporate Landlord and improvement in market
conditions; closure of the funds will result in reporting and
This decision relates to the transfer of assets from one fund vehicle to the main disposals programme and as such there is no need to consult.
An initial assessment has identified that there is no equalites impact
Legal implications: 14/00149