Issue - meetings

1.   Bournemouth Development Company llp (“BDC”) is a joint venture between the Council and now a wholly owned subsidiary of Muse, a Morgan Sindall company.

2.   This report summarises the BDC 5 year rolling business plan, with a particular emphasis on the programme of activity for 2021/22. This is the ninth update of the plan since BDC was formed in February 2011 and has been updated to reflect the recently approved  BCP Corporate Strategy.

RESOLVED that the updated BDC Business Plan as set out at Appendix 3 to the report be approved.

Voting: Unanimous

Portfolio Holder: Regeneration, Economy and Strategic Planning

Reason

The BDC Business Plan sets out the strategic direction of joint venture over the next five years, with a particular emphasis on the development activity that will be undertaken during 2021/22. The Council has reserved the right for Cabinet to approve the annually updated BDC business plan which highlights the next steps which are to be undertaken on sites which are currently in the development phase and those which are earmarked for development but yet to enter the development cycle.

The Regeneration, Economy and Strategic Planning presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'E' to these Minutes in the Minute Book.

Cabinet was advised that the Bournemouth Development Company llp (“BDC”) is a joint venture between the Council and now a wholly owned subsidiary of Muse, a Morgan Sindall company, and that this report summarises the BDC 5 year rolling business plan, with particular emphasis on the programme of activity for 2021/22.

Further this Cabinet was informed that this was the ninth update of the plan since the BDC was formed in February 2011 and that it had been updated to reflect the recently approved BCP Corporate Strategy.

RESOLVED that the updated BDC Business Plan as set out at Appendix 3 to the report be approved.

Voting: Unanimous

Portfolio Holder: Regeneration, Economy and Strategic Planning

To consider the following Regeneration, Economy and Strategic Planning related reports scheduled for Cabinet consideration on 23 June 2021:

·       Approval of the 5-year rolling BDC Business Plan

·       High Street Strategy

The O&S Board is asked to scrutinise the reports and make recommendations to Cabinet as appropriate.

Cabinet member invited to attend for this item: Councillor P Broadhead, Portfolio Holder for Regeneration, Economy and Strategic Planning

The Cabinet report for this item is included with the agenda for consideration by the Overview and Scrutiny Board.

Approval of the Rolling 5-year BDC Business Plan - 

The Portfolio Holder for Regeneration, Economy and Strategic Planning introduced the report a copy of which had been circulated to Board members and a copy of which appears as Appendix C to these minutes in the Minute Book. In the ensuing discussion a number of issues were raised, including:

·       A Board member questioned why the BDC was not being expanded to take on further development instead of the new urban regeneration vehicle. It was noted that they were different entities and vehicles for regeneration in BDC. The previous authority was asset rich and resource poor in terms of both finances and people but there was more of a mixed model approach in terms of regeneration options and there were more in-house assets.

·       Whether the property and investment requirements for the winter gardens were changing due to changes in the property market and whether there was a fundamental change required in the overall strategy. It was noted that the options agreement was now 10 years old, previously the intention was to take surplus land which Bournemouth had, predominately car parks, and develop these with a partner.

·       The Board questioned how the decision was taken to add or remove sites from the options agreement and what the consequences were if no further sites were added. The Portfolio holder advised that this was a decision which needed to be taken by the Cabinet. Any decision would need Cabinet or Council approval as they would involve the transfer of land. If no further sites were to be added, then the company would be wound down. The Business Plan outlined how this would be done, this would also require Council approval.

·       A Board member noted that the sustainability section was weak and should be made stronger to include, excellence targets and commitments brought into BDC’s future development plans. The Portfolio Holder responded that improvements could be made on the sustainability agenda. However, this was focused on a project by project basis but may need more development to be embedded in.

·       A Board member raised concerns with viability issues on the Cotlands Road and Winter Gardens developments, if these were not able to be delivered it would bring into question viability of the partnership itself.  This was an important issue and it was also important to be providing housing for the local people. The Portfolio Holder confirmed that it was less about financial viability but what was proposed in the development for the Cotlands Road site needed to be considered. It was noted that finances for the Winter Gardens Site had not changed since October 2020 but suggested that a member briefing on this may be of benefit

·       In response to a question it was noted that external developers look at models which have been used elsewhere, targeting people who are able to access finance and maximise profit. None of which help address issues within the local area.

·       It was suggested that the format of the business  ...  view the full minutes text for item 28