The Cabinet Member for Economy and Property introduced the report which requested a change to the Directors of Swale Borough Council (SBC) Holding Company 1 Limited, which was a wholly-owned Council company.  She explained that the Council were the freehold owners of the Light Cinema, hotel and restaurant and had entered into a lease which included a special purpose vehicle for the lease arrangements.

The Leader stated that the impact of the proposal would ensure that the two senior Directors of the Council would be able to attend the meetings of SBC Holding Company 1 Limited.

The Cabinet Member for Economy and Property proposed the recommendations which were seconded by the Cabinet Member for Planning.

Resolved:

(1)      That the Director of Neighbourhoods and Regeneration and the Director of Resources be appointed as Directors of SBC Holding Company 1 Limited.

(2)      That the Chief Executive of the Council be given delegated authority to sign communications with SBC Holding Company 1 Limited and others in the Council’s capacity as sole shareholder of the company.

(3)      That the Chief Executive of the Council be given delegated authority to write to SBC Holding Company 1 Limited, confirming that the Council would retain 99% of the rental income from Unit 8, Spring Square, Sittingbourne.