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(b) Agrees a principle that any BCP profit within the BDC partnership shall only be withdrawn pursuant to a Cabinet decision; and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