Breckland Bridge Ltd Business Plan
Meeting: 07/02/2017 - Cabinet (Item 18)
Report of Executive Member Growth and Commercialisation, Phil Cowen
The Executive Member Growth and Commercialisation presented the report to Members. He explained that the submission of the updated business Plan had in part highlighted the need to consider the future direction, scope and focus of the partnership.
Following discussion it was agreed that Members approved the Business Plan for 2017-2022.
The Strategic Property Manager explained that previous work undertaken by Breckland Bridge had shown how the Council’s assets within Thetford could be utilised to revitalise the town moving forward. Further work would be required to investigate this in more detail which was aprt of the recommendation to prepare the Thetford Town Asset Plan.
Members were prepared to engage in the discussion to create the Thetford Town Asset Plan, but asked to see evidence of the work required before releasing the budget
1. To approve the updated Breckland Bridge Ltd Business Plan for 2017-2022 as set out in appendices A to D.
2. To agree the Bridge recommendation to initiate a project to create a Thetford Town Asset Plan and in doing so:
a) Provide up to £130,000 (spread over three years).
b) Delegate the release of the funds to the S.151 Officer subject to receiving satisfactory information on the project plan, delivery plan and expected outputs.
3. To agree in principle the Bridge recommendation to deliver a programme of minor development schemes in a 50/50 arrangement by:
a) Providing £82,500 as an initial equity share in the required subsidiary for the first three sites and £10,000 for legal and tax advice.
b) Agreeing the first three sites as Rougholme Close (Gressenhall), Glebe Road (Thetford) and Tottington Road (Thompson).
c) Subject to:
Legal advice confirming such an arrangement can be undertaken and if so delegate the release of the funds to the S.151 Officer subject to satisfactory receipt of the necessary tax advice and satisfactory returns from the first three sites.
a) Cabinet does not recommend to Council to approve the updated Breckland Bridge Ltd initial Business Plan for 2017-2022 as set out in appendices A to D.
b) Clause 26 of the Shareholders Agreement sets out the implications if the Council does not approve the updated Business Plan.
c) Cabinet does not recommend to Council the initiation of a project to create a Thetford Town Plan.
d) Cabinet does not recommend to Council the recommendation to deliver a programme of minor development schemes.
Overall performance of activity is good. The Riverside project is now complete having started in 2015 and reaching completion in October 2015. Breckland Bridge Ltd successfully delivered this scheme on time and as per the authorised budget. The second project, Mileham is nearing construction completion and house sales are progressing well. The third project in Attleborough has been delayed due to the relocation of the adjacent school that use the Council’s land for recreation – but is still planned to be delivered within the first five year period of the partnership. All project activity is due to complete ... view the full minutes text for item 18