Agenda and minutes

Councillor Andrew Rule (leave)

None.

Last meeting held on 29 July 2016 (for confirmation)

Subject to removing the double-reference to Apologies for Absence, the minutes of the meeting held on 29 July 2016 were confirmed as a true record and signed by the Chair.

Tom Straw, Finance Manager (Capital), presented the report which details the annual reports  and financial statements for the Harvey Hadden Stadium Trust and Highfields Leisure Trust for the Committee’s review and approval.

Mr Straw explained that the reduction in revenue in 2014/15 reflected the period when the Harvey Hadden Stadium site had been shut for major refurbishment. The investment has seen significantly increased revenue income since its re-opening.

The Committee welcomed the report and approved the recommendations.

RESOLVED to

(1)  approve the Highfields Leisure park trust annual report and financial statements for the financial year at Appendix 1 to the report;

(2)  approve the Harvey Hadden Stadium Trust annual report and financial statements for the financial year 2015/16 at Appendix 2 to the report;

(3)  delegate authority of the signing of the Highfields/Harvey Hadden accounts to the Committee Chair, once the Independent Examiner’s report is received.

Eddie Curry, Head of Parks and Open Spaces and Investment Funding, presented the report of the Director of Strategic Assets and Property, which looked to formalise leasing arrangements for an area of football pitches within Highfields Park to the football club which predominantly use them.

Mr Curry explained that Wollaton Football Club was a long-established and thriving junior football club which has played all their games on the site by way of a hire agreement since 2012. Formalising a leasing arrangement would enable the club to access funding from the Football Foundation and consolidate the club’s position within the local community. The proposed arrangement also secured guaranteed annual revenue for the Trust, reduced annual expenditure on upkeep, and did not impact on other usage, for example overspill parking for the Nottingham Open tennis tournament.

The Committee supported the proposals.

RESOLVED to

(1)  approve the grant of a 50-year lease to the trustees of Wollaton Football Club for an area of land at Highfields Leisure Park as per the terms set out in the exempt appendix to the report;

(2)  delegate authority to the Director of Strategic Assets and Property to approve any amendments or alterations to the terms of the lease, on the proviso that the principle of the decision does not materially change.

Tom Straw, Finance Manager (Capital), presented the report which details the annual report and financial statement for the Bridge Estate for the Committee’s review and approval. Mr Straw highlighted the following:

(a)   there was no significant variation to the final accounts from the draft out-turns previously considered by the Committee;

(b)  The Bridge Estate is in a position to contribute £1,585,972 to Nottingham City Council for the improvement of the City of Nottingham and the public benefit of its inhabitants.

The Committee raised the following points in discussion:

(c)  In response to a query on software costs, Mr Straw explained that these referred to charges from East Midlands Shared Services for using its accounts payable and accounts receivable facility;

(d)  While Nottingham City Council’s general accounts were approved by Audit Committee, which had met earlier that day, it was appropriate to agree approval of the Bridge Estate contribution after that meeting as long as decisions and accounts were aligned and signed off by end September 2016.

RESOLVED

(1)  to approve the Bridge Estate Annual Report for the financial year 2015/16 at Appendix 1 to the report;

(2)  that the Bridge Estate makes a financial contribution of £1,585,972 to the City Council for pursuance of the Charity’s objectives;

(3)  that the Letter of Representation included within the Audit Highlights Memorandum at Appendix 2 to the report be approved.

Bevis Mackie, Senior Estates Surveyor introduced the report of the Interim Director of Strategic Asset and Property Management, which updated the Committee on the Bridge Estate Property Portfolio.

The following points were highlighted;

(a)  a new lease has provisionally been agreed for the former EME Office Block premises at Woolsthorpe Depot;

(b)  terms for granting a lease for 34 Lister Gate to Genus UK have provisionally been agreed. A schedule of dilapidations has been prepared and will be served on the previous tenant;

(c)  negotiations to reach a settlement with the former tenant of First Floor, Century House, 8-18 Chapel House, are ongoing. Term have been agreed with Robin Hood energy for the grant of a lease for the premises;

(d)  reconstruction of Units 22-24 Whitemoor Court is expected to be completed during October 2016 with interest expressed from a potential new tenant;

(e)  the liquidators of JMD Textiles has disclaimed the company’s lease in respect of 140 Vernon Road;

(f)  the opportunity has arisen to add 36-48 Main Street, Bulwell to the Bridge Estate property investment portfolio.

RESOLVED to note the report.

Report of Director of Strategic Asset and Property Management

Bevis Mackie, Senior Estates Surveyor, presented the report which seeks approval to acquire the freehold interest in 36-48 Main Street, Bulwell, Nottingham, NG6 8EW.

The property is let to Wilkinson Hardware Stores Limited on lease until August 2024, and the acquisition would add significant secure income and serve to spread portfolio risk.

RESOLVED to approve the purchase of the freehold interest in 36-48 Main Street, Bulwell, Nottingham NG6 8EW on the terms set out within the report and the exempt appendix.

To consider excluding the public from the meeting during consideration of the remaining items in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that, having regard to all the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

RESOLVED to exclude the public from the meeting during consideration of the remaining items in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that, having regard to all the circumstances, the public interest in maintaining the exemption outweighs in the public interest in disclosing the information.

RESOLVED to note the update of legal issues regarding Whitemoor Court.

RESOLVED to approve the proposed terms granting a new lease to Wollaton Football Club as detailed in the Exempt Appendix.

Report of Director of Strategic Asset and Property Management

RESOLVED to approve the recommendations for the purchase of 36-48 Main Street, Bulwell as detailed in the Exempt Appendix.