To confirm as a correct record the Minutes of the meeting of this Committee held on 6 February 2017.

The Minutes of the meeting of the Investment Committee held on 6 February 2017 were confirmed as a correct record and signed by the Chairman.

To consider passing a resolution to exclude the press and public from the meeting prior to consideration of the following item on the agenda on the grounds that exempt information (as defined in Paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended) is likely to be disclosed.

Prior to consideration of the item in Minute 24 the press and public were formally excluded from the meeting on the grounds that the item involved the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended).

To consider the submitted report on an investment opportunity.

Liam Montgomery (Torbay Development Agency) provided a verbal update in respect of the purchase of Wren Retail Park.  He highlighted a number of assets that were currently on the market within Torbay which would be explored further to see if they were suitable assets for the Council to invest in either as investment opportunities or as redevelopment opportunities.  Members noted that approximately 50 assets have been explored by the Torbay Development Agency and rejected and requested that a summary be presented to a future meeting with some examples of why assets have been rejected so that Members can be assured to the process and rationale behind the decisions.

Liam Mongomery and David White (Torbay Development Agency) outlined the submitted exempt report which set out a proposal for investment in a large foodstore with a car park and 12 retail units outside of Torbay and responded to Members' questions.  Anne-Marie Bond (Assistant Director Corporate and Business Services) provided legal advice on the proposal and how the Council could legally acquire the investment.

Resolved:

(i)       that the Council be recommended to consider purchasing, or make the provision of a loan to a wholly owned company of the Council to enable them to purchase the out of area foodstore as set out in the submitted exempt report, subject to appropriate due diligence, with the Assistant Director Corporate and Business Services being authorised to bid up to a maximum amount to be determined by the Council; and

(ii)      that the Chief Executive be requested to call an Extraordinary Council meeting on 13 March 2017 at 6.30 p.m. to consider this investment. 

(Note:  Councillor Robson left the meeting during debate at 6.00 p.m. and was not present for the vote.)