Councillor James Stoneman (Cabinet Member for Climate Change and Governance) introduced the item:-

a)    This was a nationally innovative approach that lead the way in meeting the Council’s duties from the biodiversity net gain policy within the new Environment Act;

b)    The report recommended the establishment of a company owned by the Council which would secure new streams of investments and would create nationally recognised biodiversity products that would be sold to developers, and possible other corporate buyers, to generate sustainable revenues to help finance the enhancement and maintenance of the city’s green spaces for people and wildlife;

c)    The proposal had been considered to be unusual and innovative and so it was subject to scrutiny with a group from the Growth and Infrastructure Overview and Scrutiny Committee and council officers would be keeping relevant committees up to date with any progress made in establishment and running of the bank;

d)    The decision to establish the habitat bank does not have any financial implications for Plymouth City Council itself as development costs would be met through external funding from the Heritage Lottery under the Future Parks program, as well as DEFRA under the natural environment readiness fund.

The Cabinet agreed to:

1.    Approved the creation of the vehicles/company structure, as outlined in the Briefing Report;

2.    Approved the appointment of the following officers to serve as Directors of the Habitat Banking Special Purpose Vehicle (“HBV”):  

a.     Philip Robinson (Service Director for Street Services) 

b.    Zoe Sydenham (Natural Infrastructure Projects and Partnership Manager);

3.    To appoint the Service Director for Finance (David Northey) to act as Member representative in respect of the Holding Company (“HoldCo”) and to exercise all voting rights on behalf of the Council as Member of the company, including the appointment and termination of Company Directors and subject to Key Decisions (as defined by the Council’s Constitution) being reserved to the Leader/ Cabinet and take any necessary action to protect, safeguard and effectively manage the Council’s interest in the HoldCo;

4.    Delegate to the Service Director of Finance (David Northey), the authority to approve or enter into all relevant documentation and agreements on behalf of the Council in relation to the HoldCo and HBV.