Issue - meetings

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

The Council considered a recommendation from Cabinet at its meeting held on 18 July 2018 on approval of the budget for the development of the site known as ‘Property ‘O’.

Resolved to approve the budget of £10.7m for the design team and the contractor, for the development of the site.

Councillor Harvey

To consider the acquisition of the development and investment asset identified in the report and make a recommendation to Council.

Reason for exemption

This report contains exempt information within the meaning of paragraph 3 of Schedule 12A of the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006): Information relating to the financial or business affairs of any particular person (including the authority holding that information).

And in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information because, disclosure to the public would prejudice the financial position of the authority in the bidding process for the site by allowing other bidders to know the position of the Council.  This in turn prejudices the Council by (i) distorting the bids process and (ii) prejudicing the opportunity for the Council to acquire a site through the Council for the prudent management of its financial affairs.

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.