Decision details

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

The Director of City Development and the Deputy Chief Executive submitted a joint report which sought approval for the purchase of an investment property that had been offered to the Council which would generate additional income in order to support the revenue requirements of the Council, as set out in the Initial Budget Strategy.

Following consideration of Appendix 1 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 property, on the terms outlined within exempt appendix 1 to the submitted report, be approved;

(b)  That the injection into the Capital Programme of the sums detailed within exempt appendix 1 be approved, with the ‘authority to spend’ such sums also being approved;

(c)  That the Director of City Development, under the scheme of delegation, be authorised to approve any changes to the recommended terms which may be necessary prior to completion, and that the Director of City Development also be authorised to complete the acquisition;

(d)  That the submitted report, together with the resolutions above, be designated as exempt from the Call In process for those reasons as set out in paragraph 4.5.3 of the submitted report (detailed below).

(The Council’s Executive and Decision Making Procedure Rules state that a decision may be declared as being exempt from Call In by the decision taker if it is considered that any delay would seriously prejudice the Council’s, or the public’s interests. In line with resolution (d) above, the resolutions contained within this minute were exempted from the Call In process, given that the terms provisionally agreed for the property (detailed in the exempt appendix to the submitted report) have been concluded on the basis that contracts are exchanged before the end of December 2016. In addition, this particular property was put to the Council very recently. Should the Council seek to delay the consideration of the acquisition to next year it is likely that the seller will offer the property to other parties. Also should the sale not complete within the above timescale, then the Council would be at risk of the sale and the purchase price being re-opened for negotiation in open competition with other parties)

Briefings

Executive Members for Regeneration, Transport & Planning and Resources & Strategy.

Ward Members