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
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.
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.
Option 1 - Formally agree the purchase of the
Option 2 - Agree not to progress the purchase of the property
Publication date: 29/01/2019
Date of decision: 31/01/2019