Agenda and minutes

To receive Notification of Substitutes in accordance with Procedure Rule 1.2(c) and the Terms of Reference of this Board.

To declare any interests which fall under the following categories, as explained on the attached document:

a) Disclosable Pecuniary Interests (DPI)

b) Other Significant Interests (OSI)

c) Voluntary Announcements of Other Interests

See Agenda Item 2 for further details.

To approve the Minutes of the Meeting of this Board held on the 12^th October 2023.

Resolved:

That the Minutes of the Meeting of the Board held on the 12^th October 2023 be approved and confirmed as a correct record.

To consider passing the following resolution to exclude the press and public from the meeting: That pursuant to Section 100A(4) of the Local Government Act 1972, as amended, the public be excluded from the meeting during consideration of this item as it is likely that in view of the nature of the business to be transacted or the nature of the proceedings that if members of the public were present there would be disclosure of exempt information hereinafter specified by reference to Paragraph 3 of Schedule 12A of the Act, where in the circumstances the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Resolved:

That pursuant to Section 100A(4) of the Local Government Act 1972, as amended, the public be excluded from the meeting during consideration of the following items, as it is likely in view of the nature of the business to be transacted or the nature of the proceedings that if members of the public were present there would be disclosure of exempt information hereinafter specified by reference to Paragraph 3 of Schedule 12A of the Act, where in the circumstances the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Recommended:

That    (i)        Councillor Betty, (as Chairman of the Trading and Enterprise Board), be appointed to represent the Council at Shareholder Meetings of the Ashford International Development Company.

(ii)       the above Member be delegated authority to approve amendments to the scheme design outlined in the report and any other minor amendments to the design or specifications to the project, subject to planning permission and/or listed building consent as applicable being sought and obtained in due course. More material or significant amendments should come back to this Board and/or the Cabinet.

(iii)       the release of an early advance of infrastructure funding for the redevelopment of the residential element of the scheme to the value of £0.944m, be noted.

(iv)      the proposed variation to the Development Loan Agreement for further funding of £210k for the design changes now required be noted and approved, and the initial project milestone dates for the residential phase be amended to March 2024 from April 2023.

(v)       it be agreed that working capital of £47,500 be provided to reduce immediate pressure on the Company.

(vi)      the Solicitor to the Council and Monitoring Officer be authorised to complete all necessary legal documents to give effect to the above.

Resolved:

That the drawdown of funding and subsequent share issue of 47,642 shares, with a value of £1 per share, be endorsed. 

Resolved:

That the update be received and noted.