Exempt item - Investment acquisition in the Borough B - Key Decision
Cllr Harvey
To consider an investment acquisition in the Borough.
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).
In all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information because the bidding/negotiation process is confidential and disclosure of the Council's interest, or the sums, would distort fair competition for the site and prejudice the Council's ability to acquire the site in the public interest.
Additional documents:
Minutes:
The Cabinet considered an exempt report on the acquisition for investment of a site in the Borough (B).
Alternative options considered and rejected by the Cabinet:
· not to 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
Acquisition of this site 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.