Agenda and minutes

Strategic Investment Board - Tuesday, 20 October 2020 11.00 am

Venue: REMOTE

Contact: Huma Younis, Committee Manager  Email: huma.younis@surreycc.gov.uk

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

Items
No. Item

14/20

Apologies for Absence

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    Minutes:

    Apologies were received from Mr Colin Kemp.

15/20

Minutes of the Previous Meeting pdf icon PDF 189 KB

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    To approve the minutes of the meeting held on 29 July 2020.

    Minutes:

    The minutes of the meeting held on 29 July 2020 were approved as a correct record.

     

16/20

Declarations of Interest

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    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:

    There were none.

17/20

Questions and Petitions

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    To receive any questions or petitions.

    Minutes:

    There were no questions or petitions.

     

18/20

Exclusion of the Public

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    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.

     

19/20

HALSEY GARTON RESIDENTIAL LTD - TRANSFER OF PROPERTIES

    This Part 2 annex contains information which is 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).

     

    [The decisions on this item can be called in by the Resources & Performance Select Committee]

    Additional documents:

    Minutes:

    This Part 2 annex contains information which is 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).

     

    [The decisions on this item can be called in by the Resources & Performance Select Committee]

     

    RESOLVED:

     

    1.    That approval is given for the transfer of property to HGR by the end of December 2020 subject to all legal due diligence and loan agreements being in place, for a value of between [Exempt Minute E-16-20], for a number of properties between [Exempt Minute E-16-20].

    2.    That approval is given for a loan of [Exempt Minute E-16-20] of working capital from SCC to HGR.

    3.    That Residential Managing agents have already been appointed to manage the former SWT portfolio after a tender process and that the same Managing Agent be appointed to manage this portfolio.

    Reasons for decision:

    The business case sets out a sound financial basis for undertaking the transfer of [Exempt Minute E-16-20], Residential Units from SCC to HGR. SCC are undertaking the major refurbishment works currently required which limits the exposure of the Company to unforeseen capital expenditure risk.

    SCC is also providing by way of the legal contracts, an indemnity for the Company that in the event unforeseen circumstances, or other such statutory events, those costs or ramifications arising from any such action against the company are underwritten.

     

    SCC has provided RCL’s for a significant period of years, against internal legal advice that the structure of RCL’s in an unknown legal quantum.

     

    The RCL letting and management process is a significant administrative burden on SCC and transferring to HGR will allows standard Assured Shorthold Tenancies to be entered into thus streamlining and reducing administrative and legal processes.

    By SCC disposing of the RCL stock to HGR it will enable SCC to refocus key staff on core statutory Land and Property functions whilst maximising the income potential from the RCL portfolio via HGR.

     

     

     

     

20/20

Publicity for Part 2 Items

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    To consider whether the item considered under Part 2 of the agenda should be made available to the Press and public.

     

    Minutes:

    It was agreed that non-exempt information may be made available to the press and public, where appropriate.