Decision details

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 regarding the acquisition of Property ‘O’.

Alternative options considered:

Formally agree not to submit a bid

Resolved to:

1.    Approve the acquisition of the development and investment asset identified in this report;

2.    Formally agree the offer submitted, and authorise the Chief Executive (and delegated Officers) 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;  

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

5.    Agree to exempt Contract Standing Orders in respect of our Advisors;

6.    To delegate the selection of the design team and the contractor to the Group Head of Regeneration and Growth in consultation with the Portfolio Holder; and

7.    Recommend to Council the approval of the budget for the design team and the contractor for the development of the site.

Reason for recommendation:

It will bring in a steady income stream once the site is developed 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.