Decision Maker: Chief Executive, Chief Finance Officer, Group Head of Corporate Governance
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
The acquisition of this property will bring in
a steady income stream once the site is developed in order for the
Council to deliver its ambitious housing and regeneration programme
across the Borough to help meet the needs of its residents. The
Council needs to generate additional income to offset the revenue
impacts of undertaking these projects across the Borough.
The Chief Executive completed the acquisition
of the asset in consultation with the Chief Finance Officer, the
Leader and the Cabinet Member for Finance.
The Chief Finance Officer decided (i) the most financially
advantageous funding arrangements for the purchase, (ii) the most
tax efficient method of holding the asset, and overall ensured the
acquisition was prudentially affordable.
The Head of Corporate Governance entered into any legal
documentation necessary to acquire the asset.
Option 1 - Formally agree the conditional
bid
Option 2 - Formally agree not to submit a bid
Publication date: 29/01/2019
Date of decision: 12/12/2018