Agenda and minutes

Apologies for absence were received from Mark Boleat and Deputy Michael Cassidy.

There were none.

The Town Clerk to provide a verbal update in relation to the resolution of the Investment Committee dated 25 May 2016 appointing the Board and its Chairman and Deputy Chairman.

The Town Clerk confirmed the 2016/17 Membership of the Board as appointed at the Investment Committee.

To approve the public minutes and summary of the Property Investment Board meeting held on 13 April 2016.

RESOLVED – That the public minutes and non-public summary of the meeting held on 13 April 2016 be approved.

Report of the Town Clerk.

The Board considered a report of the Town Clerk that outlined the Terms of Reference, frequency of meetings, and the proposed 2016/17 Board work programme. The Town Clerk advised that the correct date for the May 2017 Board meeting was Wednesday 24 May 2017.

The Board noted that there were currently no Committee meetings scheduled during March and April 2017 due to Purdah and the Common Council Elections but Members requested that a Board meeting be arranged for late April 2017 if possible.

RESOLVED – That:-

a)    the Board’s Terms of Reference be noted;

b)    the frequency of the Board’s meetings be approved; and

c)     the proposed work programme for 2016/17 be approved.

Report of the City Surveyor.

The Board considered a report of the City Surveyor that sought approval to the City Corporation’s attendance at the MIPIM property conference in March 2017 for a total budget not exceeding £95,000.

In response to a Member’s concerns regarding a negative perception of the City Corporation from Small and Medium Enterprises (SMEs), the City Surveyor advised that the relationship with SMEs had improved in recent years with 90% of the 16,000 business within the City of London being SMEs. He added that rents in the City of London were extremely competitive compared with the City of Westminster and King’s Cross so the misconception that SMEs were being priced out of the City of London needed to be corrected.

Members then considered the need for additional Member costs in terms of attendance from Deputy Chairmen. Members requested that any additional costs be considered by and reported to the relevant Committees. The Board agreed that the primary Deputy Chairman of Policy and Resources should attend and suggested that the Deputy Chairman of this Board should also be considered within the attendance cost, in addition to the Chairman, as MIPIM was primarily a property investment conference.

Members also noted that the Board’s current Co-Opted Members, who could act as ambassadors for the City Corporation’s Property Investment Board, were also planning to attend in their professional capacities.

RESOLVED – That:-

a)    the report on MIPIM 2016 be noted;

b)    the additional costs of attending MIPIM 2016 be noted;

c)    the Policy & Resources and Planning & Transportation Committees, and the Property Investment Board (including its Deputy Chairman), decide that the City of London Corporation should attend MIPIM 2017 with a total budget not exceeding £95,000.

There were none.

The Town Clerk advised Members of three vacancies on the Corporate Asset Sub-Committee to be appointed from among Members of the Board.

It was RESOLVED that Deputy Alastair Moss (Chairman), Tom Sleigh (Deputy Chairman) and Chris Boden be appointed to the Corporate Asset Sub-Committee as the only three Members indicating their willingness to stand.

The Chairman then took this opportunity to advise the Board of the appointment of the new City Surveyor, Paul Wilkinson, who was due to start on 3 October 2016. The Chairman thanked all Members involved with the appointment process. The Board then asked to City Surveyor for an introductory meeting with Mr Wilkinson nearer his start date if possible.

MOTION – That under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12A of the Local Government Act.

RESOLVED – That under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12A of the Local Government Act.

To approve the non-public minutes of the Property Investment Board meeting held on 13 April 2016.

RESOLVED – That the non-public minutes of the meeting held on 13 April 2016 be approved.

Report of the Town Clerk.

The Board received a report of the City Surveyor that advised Members of a decision taken under urgency procedures by the Town Clerk, in consultation with the Chairman and Deputy Chairman of the Board, since the last meeting.

RESOLVED – That the decision taken under urgency procedures be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor that advised Members of all property transactions approved under the Surveyor’s delegated authority between 1 January and 31 March 2016.

RESOLVED – That the report be noted.

Joint report of the City Surveyor and the Chamberlain.

The Board considered a report of the City Surveyor that provided details of the funding for the Crossrail project.

RESOLVED – That the report be noted.

Report of the City Surveyor.

The Board considered a report of the City Surveyor that sought approval to a Gateway 3/4 Options Appraisal for a refurbishment project on Whitefriars Street, EC2.

Report of the City Surveyor.

The Board considered a report of the City Surveyor that sought approval to a Gateway 1-4 Project Proposal regarding some urgent repairs to stonework on Fleet Street, EC4.

Report of the City Surveyor.

The Board considered a report that sought approval to a rent review in the lease of a whole building on New Bond Street, W1.

Report of the City Surveyor.

The Board considered a report of the City Surveyor that sought approval to a rent review in the lease of a whole building on Conduit Street, W1.

Report of the City Surveyor.

The Board considered a report of the City Surveyor that sought approval to a rent review in the lease of a Ground and Basement Floor on Tottenham Court Road, W1.

Report of the City Surveyor, approved by the Finance Committee on 10 May 2016.

The Board considered a report of the City Surveyor that sought approval to the extension of a head lease at Salisbury House, London Wall, EC2.

There was one question from the Deputy Chairman.

The Board considered four items of other business.