Venue: The Paralympic Room, Aylesbury Vale District Council, The Gateway, Gatehouse Road, Aylesbury, HP19 8FF
Contact: Craig Saunders, Email: email@example.com
Election of Chairman
That Councillor Branston be elected Chairman of the Committee for the ensuing year.
Appointment of Vice Chairman
That Councillor Whyte be appointed Vice-Chairman of the Committee for the ensuing year.
To approve as a correct record the Minutes of the meeting held on 26 March, 2019, copy attached as an appendix.
That the minutes of the meeting held on 26 March, 2019 be approved as a correct record.
To consider the attached report.
Contact Officer: Teresa Lane (01296) 585006
The Committee received a report which was also being submitted to Cabinet concerning the performance of Aylesbury Vale Estates (AVE) against the targets and commitments set out in the 2018/2019 Business Plan.
Members were reminded that each year AVE prepared a Business Plan which included a review of performance during the previous financial year. The Asset Managers’ report to the AVE Board for the period January to the end of March formed the basis of the review, together with the year end accounts. These documents formed part of the confidential agenda. The Asset Managers attended the meeting, gave a brief presentation and responded to questions from Members. They also gave a high level overview of progress against the current 2019/2020 Business Plan.
The strategy as set out in the 2018/19 Business Plan had been to increase investor revenue flows and provide support for the Council’s economic development programme. This would be achieved by:-
· The sale of high value land with low income, for reinvestment.
· Paying off expensive debt in order to reduce the cost of finance.
· Reducing amortisation, which soaked up surplus income.
· Targeting a distribution of £600,000 pa.
· Maintaining current levels of occupancy.
· Retaining major tenancies at Hale Leys.
Sale of high value land with low income for reinvestment
The sale of the land known as Gateway Phase 2 and the sale of the front part of the Askeys site at Stocklake had not taken place for a variety of reasons by the end of the financial year as had been anticipated. The sale of the Stocklake site to Lidl had subsequently been achieved and the sale of the Gateway Phase 2 site to a developer was expected to complete shortly. Progress had been made in 2018/19 on preparing a small site at Adams Close, Buckingham for sale, which had also now been completed.
Pay off expensive debt in order to reduce the cost of finance
The capital receipt received from the sale of the Stocklake site had been used to help achieve this, albeit later than had been planned. The reduction in the cost of finance would help to improve cash flow and in 2019/20, would provide a degree of comfort to help AVE manage the new market and financial pressures which were emerging primarily as a result of Brexit.
Reduce amortisation which soaked up surplus income
This had been achieved in relation to the amortisation of the senior debt with AVDC. In 2018/19, AVE had made substantial repayments of debt.
Target a distribution of £600,000 pa
This had largely been dependent on the sale of two key sites. As this had not happened, the distribution had been deferred. AVDC still expected to receive its 50% share of the distribution and had also planned for a distribution in 2019/20. This meant that there was an expectation that two distributions would be received by the end of 2020.
Maintain current levels of occupancy
In an important move, Cinram Novum had been secured as new tenants for the large Sony ... view the full minutes text for item 4.
To consider the future work programme. Meetings are scheduled as follows:-
6 November 2019: Member tour of Westcott (details to follow later in the year)
21 January 2020: No agenda items as yet
Members have expressed an interest in the following items coming to Committee:-
· Employment land take up at Berryfields
· AVDC Economic Development Strategy
· Broadband report on overall strategy to connect remaining percentage of households/areas
· Update on National Infrastructure Corridor (as and when enough information is available)
It was proposed to arrange a visit to the Westcott Enterprise Zone on 19 November.
There were no items as yet for the January meeting, and Members felt that updates on the following would be helpful:-
· AVDC economic strategy (An invitation to the Cabinet Member to give a brief update on any discussions on those elements of the Council’s strategy that might be carried forward to the new unitary authority as part of AVDC’s legacy).
· An update on the National Infrastructure Corridor (when information was available).
Exclusion of the Public
The following matter is for consideration by Members "In Committee". It will therefore be necessary to
That under Section 100(A)(4) of the Local Government Act, 1972, the public be excluded from the meeting for the following item of business on the grounds that it involves the likely disclosure of exempt information as defined in the Paragraph indicated in Part 1 of Schedule 12A of the Act.
Item No. 10 – Aylesbury Vale Estates (AVE): Review of performance against the 2018-19 Business Plan
The public interest in maintaining the exemption outweighs the public interest in disclosing the information because the report contains information relating to the financial or business affairs of organisations (including the Authority holding that information) and disclosure of commercially sensitive information would prejudice negotiations for contracts and land disposals or transactions.
That under Section 100(A)(4) of the Local Government Act, 1972, the public be excluded from the meeting for the following item of business on the grounds that it involved the likely disclosure of exempt information as defined in the Paragraph indicated in Part 1 of Schedule 12A of the Act:-
AVE: Review of performance against the 2018/19 Business Plan
The public interest in maintaining the exemption outweighed the public interest in disclosing the information because the report contained information relating to the financial or business affairs of organisations (including the authority holding that information) and disclosure of commercially sensitive information would prejudice negotiations for contracts and land disposals or transactions.