The post you are reporting:
Latest update on LoveDover, to be presented to the Full Council meeting tonight 8/2/17) at 6:00pm.
Report to: Full Town Council
Meeting date: 8 February 2017
From: Cllr Neil Rix, Chairman of Dover Town Council
Date written: 30 January 2017
Subject: Update on LoveDover Regeneration Co.
1. INTRODUCTION
At an extraordinary Council meeting in August,it was resolved that the
Town Council agrees to fund £350,000 from the Special Project and
General Reserves to establish a stand-alone, not-for-profit, regeneration
company for Dover in line with the proposals outlined in the report
above”.
This report is to update Council as to progress.
2. INFORMATION
Application for the registration of LoveDover Regeneration Company as a
Charitable Incorporated Organisation was made to the Charities
Commission (C.C.) on 14 September 2016. The threshold of proof of social
benefit and appropriate charitable objectives for charities involved in
property is higher than that for those in other areas of activity. As a result
considerable additional information, proof of need and activity plans had
to be provided to the C.C. during a period stretching to over three months.
During this period, an undertaking to purchase 7 Market Square was given
to the owner of that property, a price agreed and the usual searches,
surveys and investigations undertaken. A date for completion was
negotiated at 23 December 2016.
As the deadline for contract exchange approached, agreement to
charitable status had not been received as the Charity Commission now
had a backlog of cases. As an interim measure, to allow for completion of
purchase, the LoveDover Regeneration Company was incorporated as a
limited by guarantee, not for profit company at Companies House on
December 21st 2016 no. 10535149.
The purchase of 7 Market Sq. was completed on 23 December 2016.
On 4 January 2017, the Charity Commission registered LoveDover as a
Foundation Model Charitable Incorporated Organisation with the charity
reference no. 1170981.
As a result, once the property has been transferred into the ownership of
the CIO, the limited company will be dissolved.
A bank account has been set up for the CIO, LoveDover and the balance of
funds committed by Dover Town Council has been transferred.
Work is in hand on the constitution document, financial regulations, risk
register, policies, procedures and trustee application forms ready for a first
meeting of the Board of Trustees in February 2017.
--------------------------------------------------------------------------------