To confirm as a correct record the Minutes of the meeting of this Committee held on 13 June 2017.

The Minutes of the meeting of the Investment Committee held on 13 June 2017 were confirmed as a correct record and signed by the Chairman.

To consider any items that the Chairman decides are urgent.

The Committee considered the items in Minute 53, and not included on the agenda, the Chairman being of the opinion that the matters were urgent by reason of special circumstances i.e. the matters having arising since the agenda was prepared and it was unreasonable to delay a decision until the next meeting.

Members discussed:

(i)       the need for a communications strategy for investments made by the Investment Committee and Council using the Investment Fund;

(ii)      the need for Members to receive further training to enable them to get the most out of the Investment Fund; and

(iii)      the Council’s objection to the Investment Fund Strategy and level of the Investment Fund and delegation to the Investment Committee.

Resolved:

(i)       that the Assistant Director Corporate and Business Services be requested to develop a communications strategy to raise awareness of the rationale for the Investment Fund and Investment Fund Strategy (unanimous);

(ii)      that the Assistant Director Corporate and Business Services be requested to explore training for the Committee and reserve Members on how we can develop our Investment Fund further (unanimous); and

(iii)      that the Council be recommended to increase the level of the Investment Fund to £200m and the level of delegation to the Investment Committee to £25m (unanimous).

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 55 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 receive an update on a potential investment opportunity.

Anne-Marie Bond, Assistant Director Corporate and Business Services provided a verbal update in respect of a recent purchase and loan.

Alan Denby, TDA and Anne-Marie Bond presented an update in respect of a local investment as set out in the exempt documents circulated on 25 July 2017.

Members also discussed a local regeneration proposal within Torquay and suggested that officers continue to monitor the situation and report back as appropriate.

Resolved:

That the Chief Executive be recommended to make an urgent Council decision in accordance with paragraph 1.19 of the Officer Scheme of Delegation, to give delegated authority to the Assistant Director Corporate and Business Services to make an initial offer of a loan in accordance with the draft heads of terms set out in the submitted exempt report and discussed at the meeting, subject to finding a mechanism of meeting the interest rate criteria to fit with the requirements of the Investment Strategy, and to agree the final loan in consultation with the Mayor, Group Leaders and Chairman of the Investment Committee (unanimous).