Decision details

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

Cabinet considered a confidential report on the acquisition of a site as an investment asset.

Alternative options considered and rejected by the Cabinet:

·         Formally agree not to submit a bid  

Resolved that Cabinet:

1.    Approves the acquisition of the investment asset identified in this report;

2.    Formally agrees 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.    Authorises 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.    Authorises the Head of Corporate Governance to enter into any legal documentation necessary to acquire the asset; and

Reason for Decision

It is anticipated that the acquisition of this property will:-

1.    bring in a steady income stream for the term of the lease and

2.    provide an income stream which will assist in the future ongoing financial stability of the Council.