Decision details

Decision maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Decisions:

Cabinet were requested to consider two options for either disposing of or renewing a lease for a commercial property owned by the Authority.

 

Members considered the alternative option of declining to implement either option and therefore risking income insecurity beyond August 2021.

 

RESOLVED that

a)    delegated authority be granted to the Chief Executive, in consultation with the Leader of the Council, to carry out the functions of the Executive in relation to the Code of Procedures Relating to the Disposal of Land and Buildings for the purpose of the potential disposal of the property as outlined in the report;

 

b)    to approve the sale and lease options set out in the Heads of Terms;

 

c)    delegated authority be also granted to the Estates Manager and the Service Manager for Commercial Development, to continue negotiations and finalise the transaction as appropriate;

 

d)    if the property is sold, to approve the return of the capital sum previously invested to the commercial property investment fund for reinvestment and invest the surplus capital in another of the Council’s corporate priorities;

 

e)    the Director of Legal and Governance be authorised to complete the legal

transactions as necessary.

 

Reason:

To alleviate any possible pressure on the Medium Term Financial Strategy (MTFS) in current challenging financial circumstances.

 

(During consideration of this item, Councillor Helen-Ann Smith left the room at 11.44 a.m. and returned to the meeting at 11.45 a.m.)

Report author: Justin Henry

Publication date: 01/10/2018

Date of decision: 01/10/2018

Decided at meeting: 01/10/2018 - Cabinet

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