Cabinet considered a report on an investment acquisition in the Borough.
Alternative options considered and rejected by the Cabinet:
To not 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
It 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.