Issue - meetings

Councillor Harvey

To consider the acquisition of a site as an investment asset.

This report contains exempt information within the meaning of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006, Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information). In all the circumstances of the case the public interest in maintaining the exemption outweighs the public interest in disclosing the information because disclosure to the public would prejudice the financial position of the authority in the bidding procurement of contracts by allowing other parties to know the position of the Council.  This in turn prejudices the Council by (i) distorting the procurement process and (ii) prejudicing the opportunity for the Council to place contracts for the prudent management of its financial affairs.

Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information)

Cabinet considered an exempt report on an opportunity to acquire an asset which due to its location would be of strategic value to the Council by providing the option of a longer term redevelopment on the site.

Alternative options considered and rejected by the Cabinet:

·         Not to submit a bid for the asset.

Resolved to:

1.    Approve the acquisition of the investment asset (Property G) identified in the report;

2.    Formally agree the offer submitted, and authorise the Chief Executive to undertake any necessary subsequent negotiations (including further bids if required) and complete the acquisition of the asset (in consultation with the Chief Finance Officer, the Leader and the Cabinet Member for Finance);

3.    Authorise the Chief Finance Officer to decide (i) the most financially advantageous funding arrangements for the purchases, (ii) the most tax efficient methods of holding the assets, and overall to ensure the acquisitions are prudentially affordable; and

4.    Authorise the Head of Corporate Governance to enter into any legal documentation necessary to acquire the assets.

Reason for decision:

The Council is focusing its energies on prudent commercial acquisitions as the most effective way of achieving ongoing, sustainable revenue streams and capital appreciation in order to be fully self-financing by 2020. This will enable the Council to continue to deliver the services that it currently provides to its residents.