Issue - meetings

Councillor I.T.E. Harvey

To consider the acquisition of a property for financial and asset investment purposes.

Reason for exemption

This 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 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 and provision of housing.

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 ‘S’.

Alternative options considered:

Formally agree not to submit a bid

Resolved to:

·         Approve the acquisition of the investment asset identified in this report;

·         Formally agree the offer conditional 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);

·         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; 

·         Authorise the Head of Corporate Governance to enter into any legal documentation necessary to acquire the asset; and

·         Agree to exempt Contract Standing Orders in respect of our Advisors.

Reason for recommendation:

It will bring in a steady income stream 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.