Issue - meetings

Approval of Millstream Property Investments Ltd Business Plan 2019/20

Meeting: 19/12/2018 - Council (Item 327)

327 Millstream 30 Year Business Plan: 2019/20 Onwards pdf icon PDF 96 KB

To consider a report of the Directors of Millstream Property Investments Ltd

 

Note – Essential Reference Paper ‘B’ is enclosed for Members only as it contains exempt information as defined in paragraph 3 of Part I of Schedule 12A to the Local Government Act 1972.

Additional documents:

Minutes:

The Executive Member for Finance and Support Services and the Directors of Millstream Property Investments Limited submitted a report that presented Millstream’s Business Plan for the 30 year period commencing 2019/20.

 

The Executive Member reminded Members that Millstream Property Investments Limited had been formally established in April 2018.  Members were also reminded that the only properties due to be transferred in this first year were those that the Council already owned.  The Council as a shareholder was now looking ahead to next year in terms of how income from Millstream could contribute to the Councils revenue.

 

The Executive Member explained that the business plan had to be approved by Council.  The business plan would require Council investment which must also be approved by Members.

 

Helen Standen, as a Director of Millstream Property Investments Limited, presented the 30 year business plan to Council for approval and reminded members that the business plan would normally be presented in February/March alongside the council’s budget report, but since the budget was being presented in December this year, a decision had been made to do the same with the Millstream business plan.

 

Members were advised that the business plan had been prepared in line with requests and suggestions from both the elected Members who sit on the Shareholder Advisory Group and the Financial Sustainability Group as well as the Executive Member for Finance and Support Services and the Head of Strategic Finance and Property.  The Directors of Millstream were grateful for the guidance provided by all.

 

The Director stated that the plan suggested a programme of acquisitions and developments for 2019/20 to 2022/23.  This would see the property portfolio increase from the 3 properties on Old River Lane, Bishop’s Stortford to 49 properties, overall.

 

The Director stated that she was pleased to advise that 9 of these dwellings would be affordable homes, with the remainder available to let at market rents.  The business plan was detailed within exempt Essential Reference Paper “B”.

 

The Directors believed that the 30 year business plan provided a robust and stress tested approach to delivering high quality homes in the district whilst at the same time, providing an income stream which had been included in the budget papers presented to Members earlier during the meeting.

 

The report sought approval of the business plan, as well as capital resources detailed in recommendation B.  This would enable the company to acquire five properties on the open market in 2019/20 and also to facilitate the delivery of the Kingsmead Scheme referred to by the Executive Member for Finance and Support Services.  The Director summarised the requirements of recommendations C and D, as now detailed.

 

Councillor G Williamson moved, and Councillor A Alder seconded, a motion that the recommendations now detailed, be approved.

 

Councillor K Crofton moved and Councillor S Reed seconded, a motion that pursuant to Section 100 (A) (4) of the Local Government Act 1972 as amended, the press and public be excluded during consideration of the business referred to in Minute  ...  view the full minutes text for item 327