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  • Decision details

    Acquisition of Property P

    Decision Maker: Chief Finance Officer, Group Head Regeneration and Growth, Head of Corporate Governance

    Decision status: Recommendations Approved

    Is Key decision?: Yes

    Is subject to call in?: No

    Purpose:

    Acquiring the residential property will allow the Council to make a substantial revenue budget saving, whilst providing a stable home for a local family with complex needs, as well as providing an asset for future use should the family choose to move on. The acquisition will add to the Knowle Green Estates portfolio of residential properties.

    Decision:

    The Property and Development Manager completed the acquisition of the asset in consultation with the Leader, Portfolio Holders for Housing, and Corporate Management and the Chief Finance Officer.
    The Chief Financial Officer:
    i) made prudent borrowing arrangements for the transaction and ii) determined with Knowle Green Estates Ltd the most financially prudent way of financing the transaction between the Council and the Company.
    The Head of Corporate Governance entered into any legal documentation necessary to acquire the asset.

    Alternative options considered:

    Option 1 - Formally agree the purchase of the property
    Option 2 - Agree not to progress the purchase of the property

    Publication date: 29/01/2019

    Date of decision: 31/01/2019