Decision details

Against the background of the Council’s current financial position, to consider the injection of additional properties into the Capital receipt programme for disposal.

The Director of City Development submitted a report which, in considering the Council’s in-year budget position and medium-term financial plan, presented proposals regarding the potential to accelerate the release of a number of operational properties in order to deliver in-year additional capital receipts, and also with regard to proposals relating to further work being undertaken around the potential disposal of let out properties, as identified within the report.

Members welcomed the proposals within the submitted report.

Following consideration of appendices B and C to the submitted report designated as being exempt from publication under the provisions of Access to Information Procedure Rule 10.4(3), which were considered in private at the conclusion of the public part of the meeting, it was

RESOLVED –

(a)  That the accelerated release of the properties set out in Table 1 of the submitted report, be agreed, and where identified, agreement also be given for their inclusion within the Capital Receipt Programme for disposal;

(b)  That agreement be given for further exploration being undertaken into the disposal of the properties identified in Table 2 of the submitted report;

(c)  That the necessary authority be delegated to the Director for City Development, to enable the Director, in consultation with the Executive Member for Resources and the Chief Officer Financial Services, to take decisions as to which of the properties identified from the Investment Portfolio in Table 2 of the submitted report should be progressed for marketing; and that subject to the value of the offers received, the final decision to sell be delegated to the Director of City Development in consultation with the Executive Member for Resources;

(d)  That the necessary authority be delegated to the Director for City Development to enable the Director to agree the terms of the disposals which are agreed as part of the submitted report;

(e)  That it be agreed that the receipts as set out in Table 2 of the submitted report be exempted from the Capital Receipt Incentive Scheme.

Consultees will be notified of the properties identified for disposal via email and a discussion will be offered.

Executive Member for Resources and Ward Members in affected wards