Decision details
Habitat Banking Vehicle
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Decisions:
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.
Report author: Place
Publication date: 10/03/2023
Date of decision: 09/03/2023
Decided at meeting: 09/03/2023 - Cabinet
Effective from: 18/03/2023
Accompanying Documents: