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Contact: Teresa Buckley (01803) 207013
Election of Chairman/woman
To elect a Chairman/woman of the Investment Committee for the 2018/2019 Municipal Year.
Councillor Robson was elected Chairman of the Investment and Regeneration Committee for the 2018/2019 Municipal Year.
Councillor Robson in the Chair
To receive any apologies for absence including any changes to the membership of the Committee.
An apology for absence was received from Councillor Pentney who would be arriving late to the meeting. It was also reported, that in accordance with the wishes of the Conservative Group, the membership of the Committee had been amended for this meeting by including Councillor Bye instead of Councillor O’Dwyer.
To confirm as a correct record the Minutes of the meeting of this Committee held on 24 May 2018.
The Minutes of the meeting of the Investment and Regeneration Committee held on 24 May 2018 were confirmed as a correct record and signed by the Chairman.
Appointment of Vice-Chairman
To consider appointing a Vice-Chairman/woman of the Investment Committee for the ensuing Municipal Year.
Councillor Tyerman was appointed as Vice-Chairman of the Committee for the 2018/2019 Municipal Year.
Exclusion of Press and Public
To consider passing a resolution to exclude the press and public from the meeting prior to consideration of the following items 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 items in Minutes 147 to 150 the press and public were formally excluded from the meeting on the grounds that the items 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).
New Investment Opportunities
To consider potential investment opportunities.
There were no new investment opportunities.
New Regeneration Opportunities
To consider any new regeneration investment opportunities.
Liam Montgomery, TDA, outlined a local regeneration investment as set out in the submitted exempt report.
The decision in respect of investment opportunity 1 is restricted due to exempt information contained in the decision.
(Note: Councillor Pentney arrived during consideration of this item.)
Investment and Regeneration Fund
To review the Investment and Regeneration Fund.
The Committee considered the submitted exempt report on a proposal to increase the size of the Torbay Investment and Regeneration Fund.
(i) that the Council be recommended to authorise £100m of additional prudential borrowing to enable the Investment and Regeneration Fund to increase to £300m which will provide additional revenue income of £1.5m per annum and that this be presented together with a revised Capital Strategy; and
(ii) that the Chief Executive be requested to review the benefits of extending the area for out of Torbay investments to the South West Peninsula rather than the Heart of the South West Local Enterprise Partnership area and liaise with the Monitoring Officer, Head of Finance and the Chairman of the Investment and Regeneration Committee to determine the wording to be used in the report to Council in respect of widening the area for investments (unanimous).
(Note: Councillors Bye and Darling left during consideration of this item.)
Update on Existing Investments
To receive an update on existing investments.
Members received a verbal update on recent investments.
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