At Torbay Council’s Cabinet meeting being held at 5.30pm on Tuesday 18 May, Members will be asked to consider a number of reports including the following:  

  1. English Riviera Events Strategy
  2. South West Mutual Bank
  3. Credit Unions 
  4. Green Bonds 
  5. TorVista Homes Business Plan 

The reports Members are asked to consider all strongly support the Council’s corporate vision of: 

  • Wanting Torbay and its residents to thrive.
  • Torbay being a place where we have turned the tide on poverty and tackled inequalities; where our children and older people will have high aspirations and where there are quality jobs, good pay and affordable housing for our residents.
  • Torbay being the premier resort in the UK, with a vibrant arts and cultural offer for our residents and visitors to enjoy; where our built and natural environment is celebrated and where we play our part in addressing the climate change emergency. 
English Riviera Events Strategy  

The Events Strategy is a starting point by which the Council builds capacity and delivers a strong and vibrant events sector that will have a positive effect on the local economy and enrich the lives of local residents and visitors to the area by achieving a multi-layer, year-round, area-wide events offer.  

Members are asked to: 

  • Approve the Events Strategy, and subject to approval the implementation of the Events Strategy to be progressed by officers with an advisory Events Steering Group made up of independent stakeholders; and in consultation with the advisory Events Steering Group develop and progress an operational action plan that supports the strategic actions contained within the strategy. 

If adopted, the strategy will commence, and an operational action plan developed in the next three months.  

Read more about the English Riviera Events Strategy.   

South West Mutual Bank  

South West Mutual Bank is a co-operative bank that is seeking to establish itself to provide local alternative banking facilities. Subject to due diligence, Members are asked to approve an investment of £25,000 into the South West Mutual as part of their second phase of fund raising for the Mutual. The investment would be funded from the 2021/22 budget contingency.  

Credit Unions  

There are currently two credit unions that cover the Torbay area.  

  1. City of Plymouth Credit Union Ltd
  2. Westcountry Savings and Loans 

The proposal is not to set up a Torbay specific credit union but to work with one or both of the two existing credit unions to establish a higher profile of the availability of these credit unions for Torbay residents. This could be by means of a Torbay specific ‘gateway’ to access the credit union.  

Members are asked to approve a £10,000 allocation (maximum sum) which can be used to establish the Torbay specific gateways. The investment would be funded from the 2021/22 budget contingency.  

Read more about South West Mutual Bank and Credit Unions.   

Green Bonds 

Linked to community engagement, the Council’s Green agenda, Members are asking to consider the establishment of a green bond for local Torbay residents to invest in.  

The bond will be used to part finance green projects such as solar panels the council would develop.  

The green bond is a form of borrowing and will be accounted as such in the funding of any relevant project. 

Read more about Green Bonds.  

TorVista Business Plan  

TorVista Homes (TVH) is at the beginning of its journey as a new Registered Provider in the South West. Its aim is to deliver a wide range of good quality homes and services and be the landlord of choice for all sections of Torbay’s communities.   

Members are asked to approve the TorVista Business Plan which not only sets out the financial aspects of the activity proposed but also the wider vision, strategic priorities and governance structures to be adopted. 

The plan also sets out that, of the first 360 homes delivered by TorVista Homes over 200 will be social rent properties. Also, within the first 360 homes it is proposed that TorVista Homes will deliver a range of 1,2,3 and 4 bed properties for: 

  • Extra Care
  • Temporary Accommodation
  • Off the shelf purchases
  • General Needs Accommodation  

Read more about the TorVista Homes Business Plan.  

The meeting will be held in the Town Hall for decision makers only, all other interested parties are invited to attend via Zoom. Joining details can be found on Council’s website.   

For details of all Council meetings, view the monthly calendar schedule. Alternatively, you can subscribe to updates in order to receive information via e-mail regarding arrangements for particular committee meetings. 

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