Agenda item

Creation of the Slough Local Asset Backed Vehicle (LABV)

Meeting of Cabinet, Monday, 19th September, 2011 6.30 pm (Item 39.)

Decision:

That Cabinet agree:

(a) To adopt the Regeneration Strategic Aims and Objectives for Slough in Section 3.7 and 3.8 of the report.

(b) To proceed with the formal procurement process to create the Slough Local Asset Backed Vehicle (LABV) in accordance with the outline Project Plan set out in Section 3.59 and the candidate list of core projects in Appendix 2 of the report;

(c) That in recognition of the need to make timely decisions to comply with the procurement timetable in the outline Project Plan:

I. To require the Director of Resources and Regeneration to proceed to the next phase of the LABV procurement and to delegate to Officers in consultation with the Member led Development Panel (see (b) below) the delivery of the LABV procurement including stages 1 – 7 in Section 3.59 and to report back to Cabinet by or before September 2012.

II. To create a Member led LABV Development Panel for consultation on decisions to issue all procurement and legal documentation, with a membership of:

i. The Leader of the Counciland Commissioner of Finance & Strategy;

ii. Deputy Leader and Commissioner for Neighbourhoods & Renewal;

iii. Commissioner for Performance & Accountability;

III. To receive a report back to Cabinet in September 2012, or earlier if practical, for the decision to proceed further with the LABV following the outcome of the OJEU procurement process and the selection of a preferred bidder.

IV. To receive a revised and resubmitted capital programme to take account of proceeding to procure a LABV, as part of the 2012/13 Budget Preparation Report to the October 2011 Cabinet meeting.

(d) To approve the revised Asset Management Plan asset categorisation in Appendix 1 of the report.

(e) That in recognition of the strategic importance of the LABV, that the project be assigned “gold project” status and subject to regular reports to Scrutiny and Cabinet.

(f) That costs of £210k for external advisors with a further £50k revenue funding allocated for internal specialist financial modelling resource be noted.

(g) That the Interim Assistant Director of Environment and Regeneration proceed with the disposal of Langley Community Hall.

Minutes:

The Cabinet considered a report with regard to the creation of the Slough Local Asset Backed Vehicle (LABV) which detailed the findings of the Officers and Legal Advisors of Bevan Brittan LLP, who had explored the option of LABV in detail. Strategic Aims and Objectives were presented to the Cabinet, which focused on the regeneration activity and the Council’s community leadership role. The Cabinet was requested to make a decision as to whether or not to begin the formal procurement process to create the LABV. It was noted that the complex nature of LABV would require costs of £210k for external advisors with a further £50k revenue funding allocated for internal specialist financial advice.

The Cabinet was informed that twelve other Local Authorities had either implemented, or were in the process of implementing, a LABV system. Nine of these Local Authorities had been consulted with, all of whom were of the opinion that LABV was one of the most effective commercial tools which could be applied to the public sector.

The Interim Assistant Director of Resources and Regeneration provided the Cabinet with an updated portfolio of the Council’s property assets. The Cabinet were told that decisions with regard to which assets would fall within LABV would be made next year once the procurement process was underway.

The disposal of Langley Community Hall was agreed to.

Resolved –