(a)          Decision(s)

(1)          That it be noted that on 1 April, 2020 the AVDC shareholding in AVE LLP would transfer to the new Buckinghamshire Council alongside the Members’ Agreement and Loan Agreement, which together set out how the joint vehicle operated.

(2)          That, subject to any views the Economy and Business Development Committee may have, the draft business plan (set out in detail in the confidential section of the Cabinet agenda) for the period 2020 – 2023 be approved.

(3)          That the views of the Economy and Business Development Scrutiny Committee be sought formally at its meeting on 21 January 2020 and that these be reported back to Cabinet at its February meeting.

(b)          Reason(s) for Decision(s)

To  inform Cabinet of the future of AVE LLP following the coming into being of the new unitary authority and to enable the draft business plan to be reviewed in accordance with the Agreement with AVE, and pass comments to the asset managers. It was appreciated that there would need to be a similar report in due course to the new unitary authority.

Although approving the business plan, Cabinet commented on a number of specific issues, and in particular the propensity of AVE to dispose of assets for generating capital receipts as opposed to taking more opportunities to invest in on-going income generation.

(c) Alternative Options Considered

None

(c)          Relevant Scrutiny Committee

Economy and Business Development.  That Committee would receive a similar report at its meeting in January 2020.

(d)          Conflicts of Interest / Dispensation(s)

As Directors on the Board of AVE, Councillor Mrs Ward and The Assistant Director responsible for property and regeneration each declared a prejudicial interest in this item and having remained to answer technical and general questions in relation to the Company’s activities, they left the meeting whilst Cabinet considered this matter.