The Cabinet recommends to Council:

(i)            That the TDA business plan 2020-2025 be approved; and

(ii)          That the TDA business plan is removed from the Council policy framework.

The existing business plan for TDA was approved in late 2016, progress against that plan was set out in the exempt business plan for 2020-2025.  The TDA’s Board requested that the plan be refreshed in order take into account the progress made and the Council’s requirement for TDA to assume responsibility for the housing company aspirations.

The only alternative option would be for the existing business plan to be left to run its course until 2021, however due to the impact of housing related activity this option is not viable.

The recommendations of the Cabinet will be considered at the Council meeting on 16 July 2020.

TDA is Torbay Council’s wholly owned economic development company.  The purpose of TDA is to deliver economic development and regeneration for Torbay and manages the Council’s assets.  TDA is also a trading company providing a range of services for other clients.  The business plan sets out how the commercial direction for TDA will develop.

The existing business plan was approved in late 2016 and broadly progress against the plan has been good.  TDA’s Board requested that the plan be refreshed to take into account the progress made and the Council’s requirement for TDA to assume responsibility for the housing company aspirations.  The plan has been reviewed further to take into account the impact on the business as a consequence of the COVID-19 pandemic with several changes having been made to reflect the increased uncertainty around the economy.

The business plan had been endorsed by the TDA Board and the Council’s support as the shareholder in TDA was being sought.

Councillor Long proposed and Councillor Law seconded a motion that was agreed unanimously by the Cabinet as set out above.

None.