Agenda and minutes

Apologies for absence were received from Deputy Tom Sliegh and Sheriff Christopher Hayward.

Deputy Jamie Ingham Clark, Alderman Alison Gowman and Drhuv Patel made declarations as members of the Bridge House Estates Board.

To approve the public minutes and non-public summary of the Property Investment Board meeting held on the 17^th of March 2021.

The Board considered the public minutes of the previous meeting of the Property Investment Board held on the 17^th of March 2021.

RESOLVED – That the public minutes and non-public summary of the meeting held on 17^th of March 2021, subject to the corrections specified, be approved as an accurate record.

To receive the Resolution of the Investment Committee dated 6 May 2021 appointing the Board and setting its Terms of Reference.

The Board received a resolution of the Investment Committee Investment Committee dated 6 May 2021 which appointed the Board and setting its Terms of Reference.

RESOLVED- That the resolution be noted.

City Surveyor and representative of AECOM to be heard.

The Board received a presentation from the representative of AECOM on the latest position of the Investment Property Group CAS programme.

The Chair suggested that Item 7 be considered concurrently with Item 5 as the two were linked.

A Member questioned what the AECOM representative thought were the most important risks to be considered on the IPG CAS programme. The AECOM representative replied that developing the required graduality of detail for specific issues to be addressed at each building or site would be the primary risk to be addressed. The City Surveyor added that there will be a risk in the required costs to undertake the project and the capacity to complete these works in the sector.

Responding to a query from a Member on the procurement of services outside of the City of London Corporation the City Surveyor agreed that it would be important to upskill Officers within the Energy and Sustainability Team specifically to retain skills within the City of London Corporation. The City Surveyor added that the centre of excellence within the Department would help to maintain and build upon the skill of Officers.

The Board discussed the governance of the Climate Action project noting the requirement to properly audit the project and review the success of the project’s implementation in the Investment Property Portfolio. It was suggested that external data verification and that a specific senior officer with the responsibility for oversight of the Climate Action implementation be considered. The Director of Innovation & Growth informed the Board that a senior officer was due to be hired into this role and that external audits would be undertaken across the Climate Action Programme. It was added that a report would be prepared for the Board’s consideration on a quarterly basis to provide Member oversight of the Climate Action

Joint report of the Director of Innovation & Growth and the City Surveyor.

The Board considered a joint report of the Director of Innovation & Growth and City Surveyor on the Year 1 plan for Climate Action.

RESOLVED- That: -

     I.        The Year 1 (Y1) Implementation plans for the areas accountable to PIB as found in Appendices 1-3 be approved; and

    II.        The Y1 composite budget envelope and programme has been approved by Policy and Resources Committee on 8th April 2021 be noted; and

  III.        That the Property Investment Board recommend to the Bridge House Estates (BHE) Board, in discharge of functions for the City Corporation as Trustee of Bridge House Estates (Charity no. 10345628) and solely in the charity’s best interests to approve the Y1 implementation plans for the delivery of CAS outcomes under the areas accountable to the Bridge House Estates Board as included in the Y1 Implementation Plan in Appendices 1-3. Bridge House Estates Board also recommended to make a 23% contribution (£370k) to the mobilisation needs of the Y1 budgets as BHE is 23% of the floor space. This amounts to the following for 2021-22:

a. £370k for the mobilisation costs of the Y1 IPG Net Zero Plan (23% as BHE 23% of floor space)

b. £46k for the Y1 Design Standards Plan (5%)

c. £15k for the mobilisation costs of the Y1 Resilient Buildings Plan (5%)

  IV.        That it be noted that any site level capital investment decisions arising from the Y1 programme of work to be taken separately for all portfolios, including BHE, following the mobilisation activities. BHE contributions to capital opportunities to be decided on a site level basis.

Report of the Town Clerk.

The Property Investment Board considered a report of the Town Clerk on the Board’s Terms of Reference, Frequency of meetings and 2021/22 Work Programme. The Board were also asked to appoint three Board Members to the Corporate Asset Sub-Committee.

The City Surveyor informed the Board that a strategy session would be arranged for the autumn which was likely to be in October.

RESOLVED- That: -

1. Members noted the Property Investment Board’s Terms of Reference; and
2. Members approved the frequency of the Board’s meetings set out in Appendix B; and
3. That Shravan Joshi and Alderman Alison Gowman were appointed to the Corporate Asset Sub-Committee. 
4. Members approved the proposed work programme for 2021/22.

Report of the Director of Innovation & Growth.

The Board considered a report of the Director of Innovation & Growth on the Culture Mile Business Partnership. The Director of Innovation & Growth introduced the report and highlighted the key elements of the report to the Board.

A Member commented on the importance of engaging with the resident population as the affected area of the City of London had a large number of residents.

A Member suggested that annual report evaluating the success of the Property Investment Board’s engagement with the BID be presented to the Board.

The Board agreed that Officers were to approach, outside of a formal meeting, Members who serve on the Culture Mile Working Party and Property Investment Board regarding a possible appointment as a Board representative on the Culture Mile Business Partnership Board.

RESOVLED- That: -

1. The Board agreed, in principle to fund a total contribution of £10k over the next two financial years (£10k for 2021/22 and £10k for 2022/23) from the City Surveyors’ local risk budget; and
2. That Board defer the appointment of a Member to the Culture Mile Business Partnership Board until Officers approach Members who serve on the Culture Mile Working Party and Property Investment Board.

Report of the Town Clerk.

The Board received a report of the Town Clerk which had been prepared for the Investment Committee on the Bridge House Estates Board. The Chair of the Bridge House Estates Board introduced the report and highlighted the reasons why the new Board had been constituted. The Chair of the Property Investment Board commented that it was important to ensure that there was the required expertise to provide robust governance of the Bridge House Estates Investment Property Portfolio.

RESOVLED- That the report be noted.

There were no questions.

There was no other business.

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 17^th of March 2021.

The Board considered the non-public minutes of the previous meeting of the Property Investment Board held on the 17^th of March 2021.

RESOLVED – That the non-public minutes and non-public summary of the meeting held on 17^th of March 2021, subject to the corrections specified, be approved as an accurate record.

Report of the City Surveyor.

The Board considered a report of the City Surveyor on the OPN replacement project.

RESOLVED- That the report be approved.  

Report of the City Surveyor.

The Board received a report of the City Surveyor on the Annual Valuation of the City Fund, City's Estate, Bridge House Estates and Strategic Property Estate.

RESOVLED- That the report be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor which advised Members of property transactions approved under my delegated authority between the 1st January 2021 to 31st March 2021.

RESOLVED- That the report be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor on the Arrears of Rent as at March 2021 Quarter Day Minus 1 City Fund, City’s Estate and Bridge House Estates.

RESOLVED- That the report be noted. 

Report of the City Surveyor.

To follow.

The Board received a late report of the City Surveyor on Rental Estimates Monitoring for all Funds.

RESOLVED-That the report be noted.

Report of the Comptroller and City Solicitor.

The Board received a report of the Comptroller and City Solicitor on the land dispute with the Greater London Authority.

RESOLVED- That the report be noted.

Report of the Town Clerk.

The Board received a report of the Town Clerk on action taken under delegated authority.

RESOLVED- That the report be noted.

Report of the City Surveyor.

The Board received a report of the City Surveyor on the Major Refurbishment and Extension of a building in Tottenham Court Road.

RESOLVED- That the report be approved.

Report of the City Surveyor.

To follow.

The Board noted that the report was withdrawn.

There were no questions in the non-public session.

The Board considered two items of business in the non-public session.