Agenda and draft minutes

Strategic Investment Board
Friday, 27 March 2020 4.00 pm, MOVED

Venue: Meeting will take place remotely

Contact: Angela Guest, Democratic Services Officer  020 8541 9075 Email: angela.guest@surreycc.gov.uk

Note: Please note that due to the Covid-19 situation this meeting will take place remotely. 

Items
No. Item

1/20

Apologies for Absence

2/20

Minutes of the Previous Meeting pdf icon PDF 68 KB

3/20

Declarations of Interest

    All Members present are required to declare, at this point in the meeting or as soon as possible thereafter

    (i)            Any disclosable pecuniary interests and / or

    (ii)           Other interests arising under the Code of Conduct in respect of any item(s) of business being considered at this meeting

    NOTES:

    • Members are reminded that they must not participate in any item where they have a disclosable pecuniary interest
    • As well as an interest of the Member, this includes any interest, of which the Member is aware, that relates to the Member’s spouse or civil partner (or any person with whom the Member is living as a spouse or civil partner)
    • Members with a significant personal interest may participate in the discussion and vote on that matter unless that interest could be reasonably regarded as prejudicial.

     

    Minutes:

    Mr Tim Oliver declared a non pecuniary interest in that he was Chairman of the Integrated System Board for Surrey Heartlands.

4/20

Questions and Petitions

5/20

Exclusion of the Public

    That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting during consideration of the following items of business on the grounds that they involve the likely disclosure of exempt information under the relevant paragraphs of Part 1 of Schedule 12A of the Act.

     

    Minutes:

    RESOLVED: That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting during conversation of the following items of business on the grounds that they involve the likely disclosure of exempt information under paragraph 3 of Part 1 of Schedule 12A of the Act.

     

6/20

Urgent Item - Sale and Leaseback of Property Assets in the Epsom & Ewell Area

Minutes:

The Board considered an urgent Part 2 report that contained information which was exempt from Access to Information requirements by virtue of paragraph 3 – Information relating to the financial or business affairs of any particular person (including commercially sensitive information to the bidding companies).

 

Waiver to Call-in was given by the Chairman of the Resources & Performance Select Committee.

 

RESOLVED:

 

1.    That the sale and leaseback transaction at a purchase price of [Exempt Minute E-1-20] net of costs on the terms agreed was approved.

2.    That the additional capital expenditure in 2019/20 at a value of [Exempt Minute E-1-20], including the purchase cost of [Exempt Minute E-1-20] plus associated Stamp Duty Land Tax (SDLT) and fees was approved.

3.       That SCC receive an appropriate letter of assurance that the value of any shortfall is reimbursed to SCC. (full wording in Exempt Minute E-1-20].

Reason for decision:

 

The Vendors require [Exempt Minute E-1-20] to facilitate the future development facilities for the benefit of Surrey residents. The transaction created a 25-year leaseback investment for SCC with potential for future redevelopment for residential purposes. SCC were investing in the delivery of improved facilities for the residents of Surrey. The price was supported by an Investment Valuation from Vail Williams.