Prosperity Cabinet Member – Minutes – 23 April 2020

8 COMMERCIAL PROPERTY PORTFOLIO – The Director: Business Development submitted a report seeking agreement of principles in relation to the management of the Commercial Property Portfolio.

The current economic situation was having an impact on many of businesses locally, nationally and internationally.

HM Government had put a number of financial interventions in place to support all businesses:

• Support for businesses through the Coronavirus Job Retention Scheme
• Support for businesses through deferring VAT and Income Tax payments
• Support for businesses who are paying sick pay to employees
• Support for retail, hospitality and leisure businesses that pay business rates
• Support for nursery businesses that pay business rates
• Support for businesses that pay little or no business rates
• Support for businesses through the Coronavirus Business Interruption Loan Scheme
• Support for larger firms through the COVID-19 Corporate Financing Facility
• Support for businesses paying tax: Time to pay service
• Insurance

The council Commercial Property Portfolio had over 300 tenants and leaseholders, and the council wanted to ensure that outstanding practice and provision was delivered in managing the relationship with tenants through the council’s values and goals.

The agreement of some key principles would enable the council to ensure the sustainability of the portfolio now and in the future. The report set out details of the key principles.

Resolved – That the principles set out in the report at paragraph 4.2, be approved.