Decision details

Executive Board is requested to agree a new acquisition as part of the Council’s investment portfolio.

The Director of City Development submitted a report which sought to obtain approval for the potential acquisition of a new proposed distribution centre investment to be built and let to an occupier, as identified within the exempt appendix and associated plan to the submitted report, which would be by way of a full forward funding commitment to the developer.

The Board welcomed the proposals detailed within the submitted report.

Following consideration of Appendix A to the submitted report, designated as exempt from publication under the provisions of Access to Information Procedure Rule 10.4(3), which was considered in private at the conclusion of the meeting, it was

RESOLVED –

(a)  That the acquisition of the investment let to the occupier, on the terms as detailed within the exempt appendix and associated plan to the submitted report, be approved;

(b)  That the principle of prudentially borrowing the money required to fund the investment package, as set out within exempt appendix A to the submitted report, be approved;

(c)  That approval be given to the injection into the capital programme of the sums as detailed within the exempt appendix to the submitted report, and that approval also be given to the necessary authority to spend such sums;

(d)  That it be noted that the Director of City Development, under his delegated powers, will negotiate the detailed terms for the acquisition in line with the Heads of Terms, as outlined within the exempt appendix to the submitted report.

(The Council’s Executive and Decision Making Procedure Rules state that a decision may be declared as being exempt from Call In if it is considered that any delay would seriously prejudice the Council’s or the public’s interests. As such, it was determined that the resolutions relating to this report were exempt from the Call In process given that the decision taker considers that the decision was urgent due to the occupier requiring to be under contract to occupy the building, with the funding of the investment secured by April 2015)

Briefings

Executive Member for Transport and the Economy

Ward Members