Skip to content

Issue - meetings

Amendment to iCo Constitution

Meeting: 26/11/2015 - Executive (Item 217)

217 Amendment to iCo Constitution pdf icon PDF 255 KB

Decision:

AGREED RECOMMENDATIONS:

Reason for decision – as specified in the report.

Other options considered – none, other than as detailed in the report and related papers.

Conflicts of interest / dispensations granted – none.

 

Minutes:

Councillors Hull and Webbe declared an interest and left the meeting for the duration of the item.

 

RESOLVED:
 

1.   That the Business Case for iCo to carry out activities related to the buying, selling, renting and/or management of properties, including properties that are sold to or transferred to the Company by Islington Council, be agreed.

2.   That the amendment of iCo’s articles as set out in Paragraph 3.5 of the report be agreed.

3.   That granting 125 year leases of the Properties listed below to iCo at market value, as  determined by the Corporate Director of Finance and Resources, be agreed:

 

·            29 – 33 Old Street

·            49 – 59 Old Street

·            69 – 85 Old Street

·            41-47 Old Street

·            Car Park (rear of 29-85 Old Street)

·            168 Mackenzie Road

·            Grant Street (off Chapel Market),

·            48 Seven Sisters Road

·            90-92 Upper Street.

 

4.   That a loan to iCo on commercial terms sufficient for iCo to purchase the Properties be agreed.

5.   That the change of iCo’s accounting reference date to 31 March be agreed

 

Reason for decision – to protect vital services by generating income.

Other options considered – none, other than as detailed in the report and related papers.

Conflicts of interest / dispensations granted – none.