Councillor Ian 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.

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 on the proposed acquisition of Property V.

Alternative options considered and rejected by the Cabinet:

·         Formally agree not to submit a bid  

Resolved that Cabinet:

1.    Approves the acquisition of the site for strategic regeneration of Staines town centre and its future development for Housing purposes as identified in the report;

2.    Agrees the offer submitted for the acquisition, and authorises 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);

3.    Authorises 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 to include the transfer of the asset into Knowle Green Estates Limited if and when appropriate to do so, and overall to ensure the acquisition is prudentially affordable; 

4.    Authorises the Head of Corporate Governance to enter into any legal documentation necessary to acquire and develop the asset including any documentation required for any potential transfer of the asset to Knowle Green Estates Limited;

5.    Agrees to exempt Contract Standing Orders in respect of our Advisors; and

6.    Delegates the selection of the design team and the contractor to the Group Head of Regeneration and Growth in consultation with the Portfolio Holder.

Reason for Decision

The site will deliver a steady income stream once developed which will support 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. The site is a key element in the emerging regeneration plans for Staines town centre.