Cabinet considered an exempt report regarding the acquisition of Property ‘J’.
This property is of strategic importance and value and the acquisition of this links to the assets and income generation strand of the Council’s transformation programme known as ‘Towards a Sustainable Future’.
Alternative options considered:
· Formally agree not to submit a bid
Resolved to:
1. Approve the acquisition of the investment asset identified in this report;
2. Formally agree the offer submitted, and authorise the Chief Executive to undertake any necessary subsequent negotiations (including a further bid 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 purchase, (ii) the most tax efficient method of holding the asset, and overall to ensure the acquisition is prudentially affordable; and
4. Authorise the Head of Corporate Governance to enter into any legal documentation necessary to acquire the asset
Reasons for decision:
It will bring in a steady income stream for the term of the lease. The income stream will assist in the future ongoing financial stability of the Council.