This in from the council, in their own words. Ed
At a meeting of the council’s Executive on Thursday 14 May, councillors approved plans to enter into a limited liability partnership with Public Sector plc Facilitating Ltd (PSPF), an organisation which also works with other local authorities, based on a concept which originated in the public sector.
The partnership will be subject to the completion of the necessary legal agreements between the two organisations.
Unlock the value of council properties
Under the partnership arrangement, which is already being used in ten other authorities, PSPF will bring technical, financial and legal resources to help unlock the value of council properties – but the agreement will not mean any prior commitment or guarantee of work from the council and allows the council to retain full control over each individual proposal and whether it goes ahead or is rejected.
It effectively provides the council with an alternative route in addition to those currently available in relation to the disposal, sale or use of its assets, to maximise income and opportunity.
Skills not available at the council
The relationship brings access to finance, skills and resources currently not available to the council which can be used to develop property projects to the benefit of the council.
The proposed structure of the partnership includes a robust governance structure which ensures the overall value of a project to the council has to be demonstrated before a project can proceed.
Projects can be considered on a case by case basis and the feasibility of any scheme must be fully evaluated and approved before it can proceed. The council will still have the option to use more traditional development routes if it wished to do so.
LGA endorsed
The proposed new approach has arisen following discussions with Local Government Association experts in recent months.
The limited liability partnership is intended to create benefits for council property holdings, including: the potential investment of private sector funds; helping to facilitate regeneration projects; and other options to help maximise the return from council property.
A company board will be established involving council and PSPF representatives in equal number to oversee the management and activities of the partnership.
Getting “maximum value from the council’s property holdings”
Executive member for resources, Councillor Ian Stephens, said:
“This partnership arrangement will provide key additional support as we seek to get maximum value from the council’s property holdings. It is intended to broaden our scope in how we use our properties to generate much needed revenue, including helping us to attract private investment and to further promote regeneration.
“In a nutshell, the partnership provides potential opportunities for the council to derive greater benefits from its assets, while putting the authority at no risk.”
Image: TaxRebate.org.uk under CC BY 2.0
