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 an opportunity to acquire an asset which due to its location would be of strategic value to the Council by providing the option of a longer term redevelopment on the site.
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 (Property G) identified in the report;
2. Formally agree the offer submitted, and authorise the Chief Executive to undertake any necessary subsequent negotiations (including further bids 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 purchases, (ii) the most tax efficient methods of holding the assets, and overall to ensure the acquisitions are prudentially affordable; and
4. Authorise the Head of Corporate Governance to enter into any legal documentation necessary to acquire the assets.
Reason for decision:
The Council is focusing its energies on prudent commercial acquisitions as the most effective way of achieving ongoing, sustainable revenue streams and capital appreciation in order to be fully self-financing by 2020. This will enable the Council to continue to deliver the services that it currently provides to its residents.