Issue - meetings

Councillor Kavia submits a report seeking approval to join and fund the Leicester Regeneration Company (LRC) following approval in principle given by the Regeneration Sub-Committee on 1 June 2000. The Cabinet is asked to agree; that the City Council participates in the LRC according to the rules regarding local authority companies; that the Leader of the Council and the Chief Executive be nominated as Directors of LRC; that a contribution of up to £250, 000 be provided by the City Council for the first year of the Company’s existence on the basis of equal contributions having been approved by EMDA and English Partnerships; to approval, in principle being given to a similar level of funding for a further 2 years subject to the level of contributions from other funders; that approvals be subject to the Head of Legal Services being satisfied as to the final details of the framework within which the Company will operate; to the interim funding arrangement with the Company as described in the report with a further report being submitted with specific financial arrangements when these have been resolved to the satisfaction of the Chief Financial Officer; to a further report being submitted on the professional staff input need to serve the Company effectively and any additional resources this might involve. 

Councillor Kavia submitted a report seeking formal approval to join and fund the Leicester Regeneration Company.  The report set out the general objectives of the company, the legal and financial frameworks that would apply and its key working mechanisms.

RESOLVED:

(1)that approval be given for the City Council to participate in the Leicester Regeneration Company, always provided that any resulting participation did not trigger the rules relating to local authority companies and that the balance of membership remained as described in the report;

(2)that the Leader of the Council and the Chief Executive be nominated as Directors of the company;

(3)that a contribution of up to £250,000 be provided by the City Council for the first year of the company's existence on the basis of equal contributions having been provided by East Midlands Development Agency and English Partnerships;

(4)that approval be given in principle to a similar level of funding for a further two years, subject to the level of contributions from other funders;

(5)that the approvals above be subject to the Head of Legal Services being satisfied as to the final details of the framework within which the company would operate;

(6)that the interim funding arrangement with the company, as detailed in the report, be approved with a further report being submitted with specific financial arrangements when these had been resolved to the satisfaction of the Chief Financial Officer; and

(7)that a further report be submitted to the Cabinet on the professional staff input needed to serve the company more effectively and any additional resources this might involve.