Issue - meetings

Councillor Harvey

To consider the acquisition of a site as an investment asset.

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.

Cabinet considered an exempt report on an opportunity to acquire an asset capable of generating strong levels of income, and thereby increase the Council’s asset base.

Alternative options considered and rejected by the Cabinet:

·         Not to submit a bid for the asset.

Resolved to:

1.    Approve the acquisition of the investment asset identified in this 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 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.

Reason for Decision

Conversion or redevelopment of this strategic site to residential (with the option of a commercial ground floor use) will bring considerable economic benefit to Staines-upon-Thames town centre, and provide much needed residential accommodation. The income stream will assist in the future long term financial stability of the Council.