Decision details

To consider a request to authorise officers to bid on the site.

The Cabinet considered an exempt report on the acquisition for investment of a site in the Borough.

Alternative options considered and rejected by the Cabinet:

·         not to proceed with the acquisition of the site.

RESOLVED to:

1.    Approve the acquisition of the investment asset identified in the exempt report;

2.    Authorise the Chief Executive to submit the stage 1 bid, undertake any necessary subsequent negotiations (including a stage 2 bid) and complete the acquisition (in consultation with the Chief Finance Officer, the Leader and the Cabinet Member for Finance);

3.    Authorise the Chief Finance Officer to decide the most financially advantageous funding arrangements for the purchase and ensure the acquisition is prudentially affordable; 

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

5.    Agree to exempt Contract Standing Orders in respect of the Council’s advisors.

Reason for decision

Acquisition of this site will bring in a steady income stream for the term of the lease and give the Council the ability to redevelop the site in the future (releasing further development value). The income stream will assist in the future financial stability of the Council.