Issue - meetings

The Executive Director of Finance and Corporate Resources presented the Acquisition and Investment Strategy and in so doing highlighted that this supported the Council’s commercialism strategy.  Whilst the report was requesting authority to allowing borrowing of up to £20 million for the strategy there were no projects currently in development and all opportunities would be rigorously assessed to minimise risks to the Council. Officers confirmed that borrowing would only be undertaken should an investment meet the strict criteria as included in the strategy.

The focus of any investment would be on options within Redditch, or areas contiguous to the Borough in order to take advantage of any opportunities that occurred just over the border.  The Place Partnership Ltd was working closely with the Council and would provide advice, where appropriate.

Confirmation was provided that the Budget Scrutiny Working Group had pre-scrutinised the content of this strategy.  The group had not proposed any amendments to the policy nor had they made any recommendations in respect of this matter.

RECOMMENDED that

1)        the Acquisition and Investment Strategy be approved;

2)        the Corporate Management Team (CMT) and Head of the North Worcestershire Economic Development Unit be responsible for identifying suitable opportunities and developing the viability appraisal and business case for the Council; and

3)        the Executive Committee have delegated powers to approve business cases and complete acquisitions.