Issue - meetings

Report No: CAB/JT/18/058

Portfolio Holder: Cllr SEBC John Griffiths

Lead Officer: Ian Gallin

RECOMMENDED TO SEBC COUNCIL: (18 December 2018)

This exempt decision is not subject to call-in as it has been recommended to Council for a final decision.

(This decision and associated papers will be available in the public domain in due course)

(Report No: CAB/JT/18/058)

The Joint Committee received this report which advised of the opportunity to acquire a commercial property investment in Haverhill, using the Investing in Growth Fund.  It was considered that this acquisition could assist in delivering both strategic place shaping and investment opportunities for the SEBC Council, helping to deliver on the Masterplan through re-development of the site.

          RECOMMENDED TO SEBC COUNCIL: (18 December 2018)

That:-

1.       The proposal to purchase the property for the sum, as set out within Report No: CAB/JT/18/058, (excluding VAT, fees and Stamp Duty Land Tax) funded from the Investing in Growth Agenda Fund, be approved.

2.       The required capital budget be established, as set out in Report No: CAB/JT/18/058, to be made available to facilitate the purchase, including fees and Stamp Duty Land Tax, to be funded from the Investing in our Growth Agenda Fund.

3.       The ‘Options’ due diligence costs be funded, as set out in Report No: CAB/JT/18/058 and the holding costs associated with the purchase at Recommendation 1. above, and as detailed in paragraph 3.7 of Report No: CAB/JT/18/058, from the Strategic Priorities and Medium Term Financial Strategy Reserve.

4.       A further report, detailing options for the site to be submitted.

5.       Should the purchase be made, the Council’s Section 151 Officer to make the necessary changes to the Council’s prudential indicators as a result of Recommendation 2. above.