Issue - meetings

Establishment of a Property Company

Meeting: 05/02/2019 - Executive (Item 50)

50 Establishment of a Property Company pdf icon PDF 82 KB

(To receive a report from the Executive Director of Finance and Public Protection which seeks approval of the establishment of a commercial trading property company which will be by limited by shares and 100% owned by Lincolnshire Future Ltd)

Additional documents:

Decision:

(1)  That approval be given to the establishment of a commercial trading property company which will be by limited by shares and 100% owned by Lincolnshire Future Ltd.

 

(2)  That the property company be named Lincolnshire County Property Ltd.

 

(3)  That delegated authority be given to the Executive Director of Finance and Public Protection, in consultation with the Leader of the Council and Executive Councillor for Resources and Communications, to complete all legal matters to enable the company to be established including approval of the final form of all necessary legal documentation and the appointment of Directors as well as the Council's representative in relation to the Company.

Minutes:

The Executive considered a report proposing the establishment by the County Council of a property company limited by shares. 

 

The County Property Officer advised that the property company would be a subsidiary company of the County Council's holding company, Lincolnshire Future Ltd.  As a subsidiary and as part of the Council's wider corporate group, the property company would be bound by an overarching governance arrangement and there would be a consistent approach between the holding company, the property company and any other subsidiary company established in the future.

 

The property company would be established to deliver, among other things, a range of potential developments including specialist housing for alleviating budgetary pressures in respect of the provision of adult care.   The property company would also enable the Council to stimulate and accelerate housing development in the greater Lincolnshire area at a time when there was a drive from central Government for local authorities to deliver housing in their communities. The Executive decided that the property company would be named: 'Lincolnshire County Property Ltd'.

 

The Chairman of the Overview and Scrutiny Management Board advised that the Board had considered the Executive report at its meeting on 31 January 2019, and had supported the proposals in the report.  The comments of the Board were circulated at the meeting.  The Board had considered the proposed company names and had also preferred 'Lincolnshire County Property Ltd'.  The Board had received assurance that the property company would seek to work with district councils to develop opportunities collaboratively across the county. 

 

RESOLVED

 

(1)  That approval be given to the establishment of a commercial trading property company which will be by limited by shares and 100% owned by Lincolnshire Future Ltd.

 

(2)  That the property company be named Lincolnshire County Property Ltd.

 

(3)  That delegated authority be given to the Executive Director of Finance and Public Protection, in consultation with the Leader of the Council and Executive Councillor for Resources and Communications, to complete all legal matters to enable the company to be established including approval of the final form of all necessary legal documentation and the appointment of Directors as well as the Council's representative in relation to the Company.


 

 
 
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