Decision details

Acquisition of a property for the Council's Investment Portfolio

Reference: D46316

Decision Maker: Director of City Development

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

Approval to make an acquisition of a property for the Council’s Investment Portfolio.

Decision:

The Chief Officer Financial Services:

 

i)  Approved the injection to the capital programme as outlined in the confidential report.

 

The Director of City Development:

i)  Authorised the Head of Land & Property to instruct the agent to act on the Council’s behalf as outlined in the confidential report.

ii)  Authorised the purchase of the property at the cost outlined in the confidential report.

iii)  Approved the authority to spend as outlined in the confidential report.

iv)  Agreed that this report is made exempt to Call-In for the reasons set out in paragraph 4.5.6 in the open part of the report.

Reason Key: Expenditure > £250,000;

If exempt from Call-In, the reason why Call-In would prejudice the interests of the Council or the public:: The terms provisionally agreed for the property in the attached confidential appendix have been concluded on the basis that contracts are exchanged before the end of March 2018. Should the sale not complete within the above timescale the Council would be at risk of the purchase price being re-opened for negotiation in open competition with other parties. For this reason it is proposed that this purchase is exempt from Call-in.

Other reasons / organisations consulted

Breifing

Consultees

Executive Member for Regeneration, Transport and Planning

Contact: Mary Stockton, Senior Surveyor 0113 378 7684 Email: mary.stockton@leeds.gov.uk.

Publication date: 23/02/2018

Date of decision: 05/03/2018

Accompanying Documents: