The Pre-Decision Scrutiny Questions and officer responses were noted.

DECISION

1.    To agree to authorise the Divisional Director, Finance, Procurement and Audit to increase the credit facility of Seahorse Homes Limited up to £150,000 and agree the corresponding repayment terms.

Action by:

CORPORATE DIRECTOR, PLACE (A. SUTCLIFFE)

(National Management Trainee (N. Klinger)

Councillor Sirajul Islam, Statutory Deputy Mayor and Cabinet Member for Housing, introduced the report. He explained that Seahorse Homes was a company wholly owned by the Council. Its role was to invest in property to generate a return. The company has identified some acquisition opportunities and this requires an increase in the credit facilities provided.

The Chief Executive, as shareholder representative addressed the meeting to set out the reasons for the recommendations.

The Mayor welcomed the progress being made. He noted the Pre-Decision Scrutiny Questions and officer responses and agreed the recommendation as set out.

RESOLVED

1.    To agree to authorise the Divisional Director, Finance, Procurement and Audit to increase the credit facility of Seahorse Homes Limited up to £150,000 and agree the corresponding repayment terms.