Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information)
Cabinet considered a confidential report on the acquisition of a site as an investment asset.
Alternative options considered and rejected by the Cabinet:
· Formally agree not to submit a bid
Resolved that Cabinet:
1. Approves the acquisition of the investment asset identified in this report;
2. Formally agrees the offer submitted, and authorise the Chief Executive 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, 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 the asset; and
Reason for Decision
It is anticipated that the acquisition of this property will:-
1. bring in a steady income stream for the term of the lease and
2. provide an income stream which will assist in the future ongoing financial stability of the Council.