Issue - meetings

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

2.   This report summarises the BDC 5 year rolling business plan, with a particular emphasis on the programme of activity for 2020/21. This is the eighth update of the plan since BDC was formed in February 2011 and has been updated to reflect the recently approved Corporate Strategy.

RESOLVED that Cabinet:-

(a)          Approves the updated BDC Business Plan, a copy of which is set out at Appendix 3;

(b)          Agrees a principle that any BCP profit within the BDC partnership shall only be withdrawn pursuant to a Cabinet decision; and

(c)          Requests Officers to advise Cabinet whether under the BDC partnership agreement the Council can secure a commitment to retain a significant proportion of profit within the BDC partnership to be used as reserves for general working capital and reinvestment for progression and delivery of schemes listed in the Business Plan.

Voting: Unanimous

Portfolio Holder: Regeneration and Culture

Reason

The BDC Business Plan sets out the strategic direction of BDC over the next five years, with a particular emphasis on the development activity BDC will undertake during 2020/21. The Council has reserved the right for Cabinet to approve the annually updated BDC business plan which highlights the next steps 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 Portfolio Holder for Regeneration and Culture presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'C' to these Minutes in the Minute Book.

The Portfolio Holder advised that the BDC Business Plan set out the strategic direction of BDC over the next five years, with a particular emphasis on the development activity BDC will undertake during 2020/21. In relation to this Cabinet were advised that the Council had reserved the right for Cabinet to approve the annually updated BDC business plan which highlighted the next steps 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 Chairman of the Overview and Scrutiny Board addressed Cabinet advising that at their recent meeting the Board resolved to make the following recommendations to Cabinet in respect of this item:

1. Cabinet considers carefully whether the proposed BDC Business Plan continues to reflect the Council’s ambitions for the future of Bournemouth Town Centre as a whole;
2. Specifically, before approving the BDC Business Plan, Cabinet confirms that profits achieved from projects such as the former Winter Gardens site are allocated to developments such as the Pavilion Gardens/ Bath Road where the driver for development centres around cultural and other public benefits rather than profit; and
3. Cabinet recognises that Bournemouth Council’s Planning Board (unanimously) rejected BDC’s application for Durley Road Car Park and considers whether this project should be deleted from the programme.

The Portfolio Holder thanked the Board for their recommendations and in proposing the report proposed the amended recommendations as set out below.

RESOLVED that Cabinet:-

(a)          Approves the updated BDC Business Plan, a copy of which is set out at Appendix 3;

(b)          Agrees a principle that any BCP profit within the BDC partnership shall only be withdrawn pursuant to a Cabinet decision; and

(c)          Requests Officers to advise Cabinet whether under the BDC partnership agreement the Council can secure a commitment to retain a significant proportion of profit within the BDC partnership to be used as reserves for general working capital and reinvestment for progression and delivery of schemes listed in the Business Plan.

Voting: Unanimous

Portfolio Holder: Regeneration and Culture