Issue - meetings

Millstream 30 Year Business Plan 2020/21 and Council Cashflows

Meeting: 29/01/2020 - Council (Item 326)

326 Millstream 30 Year Business Plan 2020/21 and Council Cashflows pdf icon PDF 136 KB

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The Chairman reminded Members that if they wished to debate the appendix to the report, it would be necessary first to move to exclude the press and public from such debate, as it contained commercially sensitive information. 


Members considered a report jointly presented by Councillor Williamson and the Head of Housing and Health. 


Councillor Williamson, introducing the report, said Millstream had completed its second year of trading and as the company’s shareholder, the Council was requested to approve a revised plan each year, based on a rolling 30 year plan period.  He referred to the detailed business plan and updated Members on the work of the company in generating an income stream for the Council from the sources outlined in the report.  The plan was a good one and put local people in control. 


The Head of Housing and Health, as a Director of the company, presented the key aspects of the plan on behalf of the company.  He outlined the approach taken to rents, reflecting a balance between affordable housing and an entry level for the private rental market, and the proposals set out in the business plan for Members to consider, as the shareholder.  


Councillor Williamson said the plan had been scrutinised by the Shareholder Advisory Group, which had declared itself satisfied.  He proposed, and Councillor Haysey seconded, a motion supporting the recommendations.   The motion being put to the meeting, and a vote taken, it was declared CARRIED. 


RESOLVED that (A) Millstream Property Investment Ltd’s 2020/21 30 Year Business Plan, including its programme of acquisitions and development, presented in the EXEMPT Appendix A, be approved;


(B) £2.75m unused loan approvals granted to Millstream by full Council on 19th December 2018 insupport of the previous business plan be reassigned to support the new priorities in the 2020/21 30 Year Business Plan;


(C) up to an additional:


·               £3.70m be loaned to Millstream on commercial terms or as shareholder cash loans and

·               £0.65m be made available as a shareholder asset-backed loan


to combine with the existing unused loan approvals covered in recommendation (B) to enable Millstream to deliver its acquisitions and development programme for 2020/21 as detailed in the business plan, includingsubstituting schemes if necessary; and


(D)       authority be delegated to the Head of Strategic Finance and Property to determine (i) the balance of commercial and other loans relating the company’s activity and (ii) the terms and conditions attached to the finance made available.