Decision details

1. The Chief Executive completed the acquisition of the asset in consultation with the Chief Finance Officer, the Leader and the Cabinet Member for Finance;
2. 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, to ensure the acquisition was prudentially affordable;
3. The Head of Corporate Governance entered into the legal documentation necessary to acquire the asset.

It will bring in a steady income stream 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.

Option 1 - To purchase the property
Option 2 - Not to purchase the property