2326 Exempt report - Investment Acquisition in the Borough - Key Decision
Councillor Harvey
To consider a report on the acquisition of an investment asset in the Borough.
This report contains exempt information within the meaning of 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 the bidding process for the site by allowing other bidders to know the position of the Council. This in turn prejudices the community by (i) distorting the bids process and (ii) prejudicing the opportunity for the community to acquire a site through the Council for the social, environmental and economic benefit of the borough.
Additional documents:
Minutes:
Cabinet considered a report on an investment acquisition in the Borough.
Alternative options considered and rejected by the Cabinet:
To not proceed with the acquisition of the site.
Resolved to:
1. Approve the acquisition of the investment asset identified in the exempt report;
2. Formally agree the offer submitted, and authorise the Chief Executive to undertake any necessary subsequent negotiations (including a further bid if required) 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; and
4. Authorise the Head of Corporate Governance to enter into any legal documentation necessary to acquire the asset.
Reason for Decision
It 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.