Decision Maker: Chief Executive, Chief Finance Officer
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
The Chief Executive to undertook negotiations
and completed the acquisition of the asset in consultation with the
Chief Finance Officer, the Leader and the Cabinet Member for
Finance;
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, and overall ensured the
acquisition is prudentially affordable.
The asset will bring in a steady income stream
for the short term which will assist in the future ongoing
financial stability of the Council.
The acquisition will provide a strategic asset for further
potential housing development in the long term.
It will assist the council in driving regeneration of an area of
the borough in the medium term and provide the opportunity for
generation of greater income streams for the Council in the
future.
Option 1 - To acquire the asset
Option 2 - Not to submit a bid for the asset
Publication date: 26/09/2019
Date of decision: 22/09/2019