This report seeks approval to investigate the potential establishment of a Council controlled company for the purpose of economic development.

In accepting the recommendation, Cabinet will approve an investigation into the establishment of a Local Asset Backed Vehicle and that £25,000 for this purpose be allocated from the One-Off Fund.

The subject of the decision:

This report sought approval to investigate the potential establishment of a Council controlled company for the purpose of economic development.

Alternative options considered:

None.

The reason for the decision:

Cabinet was satisfied with the proposal and that an investigation into the establishment of a Local Asset Backed Vehicle be undertaken.

THE DECISION:

That an investigation into the establishment of a Local Asset Backed Vehicle be approved and that £25,000 for this purpose be allocated from the One-Off Fund.