Issue - meetings

To consider any item(s) which, in the opinion of the Chairman, should be considered as a matter of urgency – Local Government Act 1972, Section 100B(4)(b).

Urgent business must be submitted in writing but may be supplemented by an oral report.

RESOLVED that:

(i)            The exempt information in relation to Loans of funds to Greensands Holdings Limited be noted.

(ii)          The Head of Legal and Governance, in consultation with the Head of Finance and Assets, the Leader of the Council, the Members of the Commercial Ventures Executive Sub-Committee, and the Executive Member for Place and Economic Prosperity, and subject to the completion of relevant due diligence, be authorised to finalise and enter into a loan agreement with Greensand Holdings Limited on the terms proposed in the exempt report set out in the Part 2 section of the agenda.

The Leader of the Council, Councillor M. Brunt reported that he had agreed to accept an item of urgent business in relation to loan of funds to Greensand Holdings Limited and asked Councillor T. Archer, Executive Member for Investment and Companies to introduce the report.

Councillor Archer explained that the loan was to enable Greensand Holdings Limited, a property company wholly owned by the Council, to pursue a time sensitive business opportunity.

The Executive was informed that this authorisation was subject to further consultation with relevant Members and Officers and was dependent on completion of due diligence.

Councillor Archer explained that the details of the opportunity had been set out in the exempt report in the Part 2 section of the agenda. In response to questions, it was highlighted that the business opportunity presented had not been known to the Council 5 clear days in advance of the meeting. As a result, it was noted that the report had been published under special urgency grounds, in line with the Constitution, and with the permission of the Chair of the Overview and Scrutiny Committee. 

Clerk’s note – at this point in the meeting agenda item 11a (Any Other Urgent Business – Loans of funds to Greensand Holdings Limited) was adjourned so that the exempt information, presented under agenda item 11b, could be considered ahead of making a decision.

Clerk’s note – The minutes of the meeting reflect the order of business listed on the published agenda, not the order taken at the meeting.

On conclusion of the exempt item the Executive returned to agenda item 11a and;

RESOLVED that:

(i)            The exempt information in relation to Loans of funds to Greensands Holdings Limited be noted.

(ii)          The Head of Legal and Governance, in consultation with the Head of Finance and Assets, the Leader of the Council, the Members of the Commercial Ventures Executive Sub-Committee, and the Executive Member for Place and Economic Prosperity, and subject to the completion of relevant due diligence, be authorised to finalise and enter into a loan agreement with Greensand Holdings Limited on the terms proposed in the exempt report set out in the Part 2 section of the agenda.

Reason for decision: To obtain Executive authority to allow Greensand Holdings Limited the financial basis to explore time sensitive business opportunities.

Alternative options:  To not authorise the Head of Legal and Governance to finalise and enter into a loan agreement with Greensand Holdings Limited.