Liverpool City Council councillors will decide on Wednesday evening on whether to invest £50 million in commercial property

                                          

Liverpool City Council’s Cabinet on Friday agreed to recommend to a public meeting of all Liverpool City Council councillors on Wednesday evening, a new Commercial Property Fund Strategy.

The policy recommends that Liverpool City Council invest £50 million in commercial property of which £25 million will be borrowed and £25 million from future sales by Liverpool City Council of land and buildings.

Councillors will also be asked to change the approved and operational borrowing limits for Liverpool City Council to allow this extra £25 million of borrowing to happen.

The Strategy also proposes changing the current constitution. At the moment elected politicians on Liverpool City Council’s Cabinet decide on major purchases of land and buildings. The new system proposed is that instead a Liverpool City Council employee (Director of Finance and Resources) will make decisions on the purchase or sale of property.

The reasons given for this change are that having elected politicians make such decisions takes longer than an individual. However quarterly reports on the status of the proposed Fund are proposed to be made to Liverpool City Council’s Audit and Governance Committee.

The proposals will be discussed at a public meeting of Liverpool City Council (agenda item 7a) in the Council Chamber at Liverpool Town Hall, High St, Liverpool, L2 3SW starting at 5.00 pm on Wednesday 22nd May 2019.

If you click on any of the buttons below, you’ll be doing me a favour by sharing this article with other people.