This report provides an update on the current position regarding the establishment of a Local Asset Backed Vehicle to deliver the Council’s Central Northallerton Masterplan.

The subject of the decision:

This report provided an update on the current position regarding the establishment of a Local Asset Backed Vehicle to deliver the Council’s Central Northallerton Masterplan.

Alternative options considered:

None.

The reason for the decision:

To take account of the Local Government Act 2003 which provided the power for Local Authorities to trade and generate profit through the establishment of Local Authority owned companies.

THE DECISION:

That Cabinet approves and recommends to Council the establishment of a Local Asset Backed Vehicle to deliver the Central Northallerton Master Plan and that a £50,000 budget be established from the One-Off Fund for this purpose.