Exempt report - Acquisition Z
Councillor I.T.E. Harvey
To consider an exempt report on the acquisition of a site in the Borough.
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 so that the Council can ensure its commercial negotiating strength.
Additional documents:
Minutes:
[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 acquisition of property ‘Z’.
Alternative options considered and rejected by Cabinet:
Not to proceed with the purchase.
Resolved to:
1) agree to purchase Property Acquisition Z;
2) agree a sub-sale of the property to Knowle Green Estates Limited;
3) approve the funding of Knowle Green Estates Limited to facilitate acquisition of the property; and
4) formally approve the terms and conditions agreed and authorise the Chief Executive (in consultation with the Chief Finance Office, the Leader and the Cabinet Member for Finance) to agree any further additional terms as purchaser of the property and subsequent funder to enable Knowle Green Estates Limited to proceed with its acquisition of the property.
Reason for Decision
To facilitate the acquisition of 43 new affordable apartments with 27 car parking spaces.