Disposal of a Commercial Asset
Council is asked to:
1. Approve the proposed disposal on the terms set out in the exempt report,
2. Delegate authority to the Chief Finance Officer and Group Head of Assets, in consultation with the Chair and Vice Chair of the Corporate Policy and Resources Committee to agree minor variation to the Heads of Terms and adjustments to the sale price; and
3. Delegate authority to the Group Head of Corporate Governance to enter into a transfer to complete the disposal and any ancillary legal documentation required in relation to the proposed disposal.
Additional documents:
Disposal of a Commercial Asset
Committee is asked to consider and agree in principle the offer and the proposed disposal of an asset, and make a recommendation to Council.
The report contains exempt information within the meaning of Part 1 of Schedule 12A to 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 Paragraph 3 – 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 any contract or other type of negotiation with a prospective purchaser who could then know the position of the Council.
Additional documents:
Decision:
Committee resolved to:
1. Consider and agree in principle the offer and the proposed disposal,
2. Agree to recommend to Council to:
2.1 approve the proposed disposal on the terms set out in the exempt report,
2.2 delegate authority to the Chief Finance Officer and Group Head of Assets, in consultation with the Chair and Vice Chair of the Corporate Policy and Resources Committee, to agree minor variations to the Heads of Terms and adjustments to the sale price; and
2.3 delegate authority to the Group Head of Corporate Governance to enter into a transfer to complete the disposal and any ancillary legal documentation required in relation to the proposed disposal.
Minutes:
Committee were advised that this asset was currently underperforming and as such an Agent had been appointed following a robust procurement exercise to undertake a targeted marketing exercise. A potential purchaser had been found and the Committee were asked to consider the offer and make a recommendation to Council.
A recorded vote was requested.
|
For |
Councillors Neall, Bateson, Button, Gyawali, Sexton, Turner – 6 votes |
|
Against |
Councillors Buck, Clarke, Howkins, Lee, Saliagopoulos, Williams - 6 votes |
|
Abstain |
0 votes |
The Chair used their casting vote to vote ‘For’, therefore
Committee resolved to:
1. Consider and agree in principle the offer and the proposed disposal,
2. Agree to recommend to Council to:
2.1 approve the proposed disposal on the terms set out in the exempt report,
2.2 delegate authority to the Chief Finance Officer and Group Head of Assets, in consultation with the Chair and Vice Chair of the Corporate Policy and Resources Committee, to agree minor variations to the Heads of Terms and adjustments to the sale price; and
2.3 delegate authority to the Group Head of Corporate Governance to enter into a transfer to complete the disposal and any ancillary legal documentation required in relation to the proposed disposal.