In October we called in the Labour administration's decision to sell £22m of income- producing assets to Scrutiny Committee as we strongly believed that this was a flawed decision, based on a poorly executed report.
Because the details of the properties to be disposed of are contained in a confidential report I can’t name the specific assets.
However, in the public report it confirms that they produce an income to the council of £1.5m per year.
Revenue is essential to the council and my Conservative Administration purchased a number of safe, long-term assets for this purpose.
Once they are gone then that is lost.
The proceeds are being used to pay off some short-term borrowing for IT systems and vehicles/equipment.
£10m of the proceeds will be reinvested in another unnamed priority of the new administration and I have great concerns that this will be a vanity project rather than something producing real income or benefit.
There have been articles in the local press about the Wyvern Theatre being ‘end of life’ yet at the same time open discussions about it being used by a local arts/education provider.
The ‘end of life’ story cannot then be true, can it?
Our view was that Cabinet made a bad decision for the future of the borough and at the meeting the council leader admitted the report wasn’t good enough.
That said, they are still going ahead.
Flooding: A year since Storm Babet and residents whose homes were flooded are still awaiting the outcome of ‘Section 19’ reports (which the council are obliged to carry out).
No substantive works have taken place in that time, and it is unacceptable that these residents are still living in fear of being flooded again.
Regeneration: On a more positive note, with the Council Leader I attended a business briefing held in 3 Newbridge Square to promote regeneration opportunities in the Town Centre, which realistically can only be delivered by the private sector.
I was happy to support Jim Robbins in this and talk up what can be done in the long term.
Those present acknowledged the transformative effect of the ongoing Fleming Way project to how people and businesses view the Town Centre.
The Railway corridor has been spoken of as having huge future potential and the £42m plus investment in Zurich’s headquarters and First Investments refurbishment of their adjacent building into Grade A offices are just the first of the projects realised as a result of the £100m-plus investment the Conservatives secured for the Town Centre.
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