Decision details

The Director of City Development submitted a report regarding a proposal from Wade’s Charity for the equal sharing of any capital receipts received from the future disposal of assets owned by Wade’s Charity and leased by Leeds City Council. The report specifically sought agreement to the proposal from the Charity that the Council’s proportion of such receipts was earmarked to future projects to improve property and land leased by the Council, from Wade’s, with work being undertaken to develop a priority list of projects between Wade’s and the Council for which such receipts would be used. In addition, the report also outlined a specific proposal from Wade’s to dispose of land at Cross Green Approach, subject to Ward Member consultation, which would provide Wade’s with a capital receipt of £222,500 before the equal division of any surplus between Wade’s and the Council.

RESOLVED –

(a)   That the equal sharing of any capital receipts received from the future disposal of assets owned by Wade’s Charity be approved.

(b)   That approval be given for the Council’s proportion of such receipts to be earmarked to future projects in order to improve property and land leased by the Council, from Wade’s.

(c)   That the development of a priority list of projects between Wade’s and the Council for which these receipts would be used, be approved.

(d)   That the terms for the division of sale proceeds for land at Cross Green Approach upon disposal be approved subject to Ward Member consultation, which gives Wade’s a capital receipt of £222,500 before the equal division of any surplus between Wade’s and the Council at less than best consideration.