Agenda item

The Chair thanked Members for attending the extraordinary meeting of the Property Investment Board and welcomed those Members in attendance who did not serve on the Board. In addition, the Chair highlighted financial position of the City of London Corporation particularly the role of the Investment Property Portfolio in producing income, but noted that the City was not simply a commercial income generating organisation and commented on the importance of vulnerable tenants.  The Chairman of the Corporate Asset Sub-Committee noted that this was a critical point in the City’s history, explaining the joint responsibility to safeguard the City of London Corporation’s financial position and the City as a thriving business district.

A Member in attendance provided a summary of the position in his Ward of Portsoken and, as Chair of the HRA, highlighted the challenges present in the location. The Chair thanked the Member for their contribution and noted the importance of hearing the views of effected tenants. A Member commented that it was important to note the City’s responsibility as Trustee of the Bridge House Estates.

The Board agreed that, in the absence of the Deputy Chairman, the Chairman of the Corporate Asset Sub-Committee be considered the Deputy Chairman for the remainder of the Board meeting.

The Board received a late paper of the Town Clerk on the Climate Action Strategy. The report provided a summary of relevant high-level actions currently being finalised for inclusion in the Climate Action Strategy. It was noted that the Strategy will be submitted for approval by the Policy and Resources Committee in September and the Court of Common Council in October 2020.

The City Surveyor explained that the figures in the report were, at this stage, estimates and should not be considered the final position on this project. The Chair commented that affordability was not the key consideration at this stage and that Members should focus on providing Officers with a policy steer. The Board supported the high-level actions being developed for the Climate Action Strategy and noted that measurable performance targets are vital for the success of the Strategy. In addition, Members commented that the impact on the Investment Property Group should be considered fully in development of the Strategy.

Replying to a comment made by a Board member the City Surveyor confirmed that sustainability factors would be incorporated into the reports for future Board meetings. The Chairman of the Corporate Asset Sub-Committee stated that consideration would be given to incorporating the sustainability priorities into Chief Officers’ objectives.

RESOLVED- That the report be noted.