**Please note the appendices for this report will follow**
Exempt report of Shareholder Representative.
Minutes:
The Committee considered an exempt report from the Shareholder Representative, that detailed the proposed Business Plan for 2023 – 27, STACK 18 and STACK 19 direction of travel.
Following a strategy day held in September 2022, and a STACK workshop in January 2023, the Business Plan and STACK 18 had been updated accordingly for presentation to the Committee.
The Managing Director – Graven Hill Village Development Company updated the Committee on progress of work during quarter four of 2022/23, including the year end position with key performance indicators and the priorities for quarter one of 2023/24.
The site would again be featured on the next series of Grand Designs, with broadcast expected in the next few weeks.
In response to questions from the Committee regarding employment land, the Managing Director – Graven Hill Village Development Company explained that discussions were ongoing regarding S106 agreements. The Shareholder Representative added that the Local Planning Authority were aware of the situation and monitoring from their perspective.
The Shareholder Representative introduced Simon Smith, Associate Director from Savills. CDC had commissioned Savills to provide overview and assurance to the latest iteration of the Graven Hill business plan.
Simon presented the findings of the review to the Committee. The conclusion of the overview was that the models used during production of the plan were sound, and the Council could place a fair amount of reliance on the assumptions and models used.
The Committee thanked Simon for his presentation.
Prior to the consideration of the recommendations, the Section 151 Officer advised the Committee that if STACK 19 Variant 2 were approved, there would need to be an associated amendment to the credit facility. The change would not involve any additional funding, but an extension to the term of the agreement.
The Committee also thanked Councillor Ian Corkin for his involvement with Graven Hill as a Non-Executive Director, as he would be standing down at the May 2023 elections.
Resolved
(1) That the strategic objectives to support the vision for Graven Hill Village be approved.
(2) That the Graven Hill Village Development Company Business Plan 2023-27, underpinned by STACK 18 (Baseline) and STACK 19 (Direction of Travel) Variant 2, be approved.
(3) That the strategic risks be noted.
(5) That the position in relation to Options E & F be noted.
(6) That the key performance indicators for Graven Hill Village Development Company to report to the Shareholder in accordance with the Business Plan 2023-27 underpinned by STACK 18 (Baseline) and STACK 19 (Direction of Travel) Variant 2 be approved.
(7) That the financial strategy and cashflow forecast, as set out in the exempt annexe to the Minutes (as set out in the Minute Book) for Graven Hill Village Development Company underpinned by STACK 18 (Baseline) and updated for the STACK 19 (Direction of Travel) that incorporates Option C noting the contributions to the Council in the Medium-Term Financial Strategy (MTFS), be approved.
(8) That Graven Hill be allowed to operate as a developer and therefore have the flexibility to discuss and negotiate s106 terms with the Local Planning Authority (LPA) consistent with any other developer.
(9) That Graven Hill Village Development Company be requested to submit to a future Shareholder Committee a report on the delivery of s106 commitments.