Councillor Fleming proposed and Councillor Ramsay seconded that  (a) The Chief Finance Officer be authorised to provide loan facilities to the Company in consultation with the Chief Executive, the Chief Officer Legal and Governance and Portfolio Holder for Finance and Resources in line with the rules set out in the report relating to State Aid; and (b) a budget of £10,000 for set up costs of the company be approved.  This would be funded from Property Investment Reserve.

The Leader of the Council thanked Members of the Finance and Resources Advisory Committee, Cabinet and Deputy Cabinet Members for the work they had undertaken in developing the proposals before Council.  The Leader of the Council had previously circulated  a paper outlining Frequently Asked Questions which had been drawn from questions that had arisen as the proposals were being developed and reviewed.

The Council needed to establish a Trading Company in order to let out properties with Short Term Tenancies.  The Company would have 1 shareholder and the share would be held by the 54 Members of the Council.

Following a vote it was

Resolved: That

(a)     The Chief Finance Officer be authorised to provide loan facilities to the Company in consultation with the Chief Executive, the Chief Officer Legal and Governance and Portfolio Holder for Finance and Resources in line with the rules set out in the report relating to State Aid; and

(b)     a budget of £10,000 for set up costs of the company be approved.  This would be funded from Property Investment Reserve.