Decision Maker: Director of City Development
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Approval is sought for the purchase of a strategic property investment holding the value of which results in the decision being a key decision.
a) The Chief Officer Financial Services:
i) Approved the injection to the capital programme as outlined in the confidential appendix
b) The Director of City Development:
i) Authorised the purchase of the property at the price outlined in the confidential appendix to this report
ii) Approved the authority to spend as outlined in the confidential appendix to this report
iii) Authorised the Head of Land & Property to instruct the agent to act on the Council’s behalf as outlined in the confidential appendix to this report
iv) Approved the surrender of the existing head lease.
v) Agreed that this report is made exempt to Call-ln for the reasons set out in paragraph 4.5.5 in the open part of the report.
Reason Key: Expenditure > £250,000;
Wards Affected: (All Wards);
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 and the acquisition completed before the end of March 2019. 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
Executive Member for Resources and Sustainability
Executive Member for Regeneration, Transport and Planning
Leader of the Conservative Group
Leader of the Lib Dem Group
Chief Finance Officer
Contact: Nigel Robinson, Group Surveyor 0113 378 7671 Email: firstname.lastname@example.org.
Publication date: 14/03/2019
Date of decision: 22/03/2019