To consider the submitted report on the Elected Mayor’s response to the Council’s objection to the current Investment and Regeneration Fund Strategy and the recommendations of the Investment and Regeneration Committee.

Further to the Council meeting held on 19 July 2018, Members considered the submitted report on the Elected Mayor’s response to the objections raised by the Council on the Investment and Regeneration Fund Strategy, along with the recommendations of the Investment and Regeneration Committee to update the Strategy.  Members received the Elected Mayor’s revised Record of Decision prior to the meeting.

Elected Mayor Oliver proposed and Councillor Mills seconded a motion as set out below:

(i)         that the revised Investment and Regeneration Fund Strategy set out at Appendix 2 to the submitted report be approved;  and

(ii)        that the following decisions be rescinded:

Minute 180/4/17 (ix) - that any revenue surplus generated from the Town Centres Regeneration Programme be earmarked to fund a Town Centre Investment Fund with any capital receipts from the Programme being allocated by the Council in accordance with the Budget and Policy Framework; 

Minute 119/10/17 (ii) - that any income (revenue or capital) from the projects within Phase 1 of the TCR Programme, in excess of the amount required to cover the prudential borrowing costs for the £25 million and sustain service delivery (including any increased service costs/forecast income), be re-invested into the delivery of the Town Centre Regeneration Programme;

Minute 119/10/17 (iii) - that the Town Centres Regeneration Programme Board must submit for approval by the Chief Executive, in consultation with the Elected Mayor and Group Leaders, an initial 5 year Town Centres Regeneration Business Plan, including delivery timescales and interdependencies between the projects demonstrating how the prudential borrowing will be used.  The Business Plan needs to be regularly reviewed, with the Board submitting amendments for approval.  The Overview and Scrutiny Board will periodically review progress against the business plan;

Minute 40/6/18 (ii) - that any income (revenue or capital) from the projects within Phase 1 of the TCR Programme, in excess of the amount required to cover the prudential borrowing costs for the £25 million and sustain service delivery (including any increased service costs/forecast income), be re-invested into the delivery of the Town Centre Regeneration Programme;

Minute 40/6/18 (iii) - that the Town Centres Regeneration Programme Board must submit for approval by the Chief Executive, in consultation with the Elected Mayor and Group Leaders, an initial 5 year Town Centres Regeneration Business Plan, including delivery timescales and interdependencies between the projects demonstrating how the prudential borrowing will be used.  The Business Plan needs to be regularly reviewed, with the Board submitting amendments for approval.  The Overview and Scrutiny Board will periodically review progress against the business plan; and

Minute 40/6/18 (v) that, if necessary, the £25 million Town Centre Regeneration Programme Fund can be used to make strategic acquisitions of property, with the revenue and/or capital income from such purchases being reinvested into the delivery of the TCR Programme.  The authority to make such acquisitions is delegated to the Executive Head of Business Services, in consultation with the Chief Finance Officer and the Town Centres Regeneration Programme Board, following assessment of a clear business case.  The drawdown of the Prudential Borrowing to be approved in accordance with (i) above.  Any purchase of property in excess of £5 million will need full Council approval.

During the debate Councillor Darling (S) proposed and Councillor Pentney seconded an amendment to the motion as follows:

That the Investment and Regeneration Fund Strategy be amended so that investments shall primarily be in within the Torbay local authority area, with the ability, on occasion, to allow for investments within approximately a radius of 60 kilometres of Torbay (to include Plymouth and Exeter), and the Director of Corporate Services be instructed to amend the strategy accordingly.

The amendment was put to the vote.  Less than two-thirds of members present and voting cast their vote in support of the amendment and it was declared lost.

Elected Mayor Oliver’s and Councillor Mills’ original motion was then considered by the Council which was agreed, as set out below:

(i)         that the revised Investment and Regeneration Fund Strategy set out at Appendix 2 to the submitted report be approved;  and

(ii)        that the following decisions be rescinded:

Minute 180/4/17 (ix) - that any revenue surplus generated from the Town Centres Regeneration Programme be earmarked to fund a Town Centre Investment Fund with any capital receipts from the Programme being allocated by the Council in accordance with the Budget and Policy Framework; 

Minute 119/10/17 (ii) - that any income (revenue or capital) from the projects within Phase 1 of the TCR Programme, in excess of the amount required to cover the prudential borrowing costs for the £25 million and sustain service delivery (including any increased service costs/forecast income), be re-invested into the delivery of the Town Centre Regeneration Programme;

Minute 119/10/17 (iii) - that the Town Centres Regeneration Programme Board must submit for approval by the Chief Executive, in consultation with the Elected Mayor and Group Leaders, an initial 5 year Town Centres Regeneration Business Plan, including delivery timescales and interdependencies between the projects demonstrating how the prudential borrowing will be used.  The Business Plan needs to be regularly reviewed, with the Board submitting amendments for approval.  The Overview and Scrutiny Board will periodically review progress against the business plan;

Minute 40/6/18 (ii) - that any income (revenue or capital) from the projects within Phase 1 of the TCR Programme, in excess of the amount required to cover the prudential borrowing costs for the £25 million and sustain service delivery (including any increased service costs/forecast income), be re-invested into the delivery of the Town Centre Regeneration Programme;

Minute 40/6/18 (iii) - that the Town Centres Regeneration Programme Board must submit for approval by the Chief Executive, in consultation with the Elected Mayor and Group Leaders, an initial 5 year Town Centres Regeneration Business Plan, including delivery timescales and interdependencies between the projects demonstrating how the prudential borrowing will be used.  The Business Plan needs to be regularly reviewed, with the Board submitting amendments for approval.  The Overview and Scrutiny Board will periodically review progress against the business plan; and

Minute 40/6/18 (v) that, if necessary, the £25 million Town Centre Regeneration Programme Fund can be used to make strategic acquisitions of property, with the revenue and/or capital income from such purchases being reinvested into the delivery of the TCR Programme.  The authority to make such acquisitions is delegated to the Executive Head of Business Services, in consultation with the Chief Finance Officer and the Town Centres Regeneration Programme Board, following assessment of a clear business case.  The drawdown of the Prudential Borrowing to be approved in accordance with (i) above.  Any purchase of property in excess of £5 million will need full Council approval.