Issue - meetings

[To approve the creation of a Council-owned housing company to undertake commercial home building, initially on sites to be purchased from the Council]

Cllr Peter Bilson presented the report which sought approval to create a Council-owned housing company to undertake commercial home building, initially on sites to be purchased from the Council. 

Resolved:

1.     That the formation and structure of the City of Wolverhampton Housing Company, being the Council’s local housing company as a private limited liability company as described in the report (“the Company”) be approved. Cabinet on 3 February 2016 approved in principle, the development of a wholly owned housing company to assist in the delivery of the Council’s housing development and regeneration objectives.

2.     That the trading name of the Company be WV Living and the Company begin trading as soon as possible subject to the detailed business plan being approved by Cabinet at its meeting on 14 September 2016 and to it continuing to be viable.

3.     That it be approved that the proposed Board of Directors for the Company would be the following:

a.       Strategic Director of Place

b.   Strategic Director Housing (as Director and Company Secretary).

c.   Chief Accountant

4.     That the progress on the outline business plan be approved and it be noted that the development of a financial model to support the detailed business plan from within existing and previously approved financial resources would be brought forward as part of a final report for consideration to Cabinet on 14 September 2016 including a financial analysis, risk plan, and loan agreement;

5.     That authority be delegated to the Cabinet Members for City Housing and City Assets and Resources in conjunction with the Managing Director and the Director of Finance (Section 151 Officer) to approve through an Individual Executive Decision Notice for the following matters:

a.       The future appointment of board members of the Company;

b.       Membership and terms of reference, including delegations, of the Business Plan Monitoring Group;

c.       Approval of the Company’s remuneration and expenses policy;

d.       The approval of various minor transactions between the Council and the Company in accordance with the Council’s Constitution and the Business Plan.

6.     That it be noted that a further report would be presented to Cabinet at its meeting on 14 September 2016 to approve the detailed business plan.

7.     That it be noted that the detailed business plan Cabinet would be requested to approve at its meeting on 14 September 2016 would include the financing and lending terms for the Housing Company loan funding from the Council and the delegation to approve various minor transactions between the Council and the Company

8.     That it be noted that the Company would report quarterly to Cabinet in the first 12 months of operation.

9.     That it be noted that the Company would report every six months to Cabinet thereafter.