Issue - meetings

Exempt Report No: CAB/WS/19/009 (TO FOLLOW)

Portfolio Holder: Cllr Susan Glossop

Lead Officers: Julie Baird and Colin Wright

RECOMMENDED TO COUNCIL: (16 July 2019)

The recommendations were approved as set out in Exempt Report No: CAB/WS/19/009.

(Report No: CAB/WS/19/009) (para 3)

The Cabinet received this report which advised of the opportunity to acquire a commercial property investment.  It was considered that the commercial element of the property would complement the Council’s existing commercial property portfolio.  The overall investment would also be in line with the Council’s principles of its Investing in Growth Strategy.

RECOMMENDED TO COUNCIL: (16 July 2019)

The recommendations, as set out in Exempt Report No: CAB/WS/19/009, were approved.

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

The exemption relating to this item was removed on 30 March 2020, and therefore the following resolution is now published. This is not however, contained in the signed minutes for this meeting:

RECOMMENDED TO COUNCIL: (16 July 2019)

Subject to approval of Council:

(1)          Subject to satisfactory negotiation, due diligence, contract and surveys, delegated authority be given to the Assistant Director for Growth, in consultation with the Portfolio Holders for Growth and Resources and Performance, to exercise the purchase of the freehold interest of land and property at Flats 1-5 and 8 Elsey’s Yard, Bury St Edmunds for a maximum sum of £319,000 (three hundred and nineteen thousand pounds), allowing for the £656,000 discount due, excluding VAT, fees and Stamp Duty Land Tax, to be funded from the Investing in the Growth Agenda fund; and;

(2)          The establishment of a capital budget of £379,400 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; in additional a one-off revenue budget of £64,311 as set out in the 2.2.7 of the Financial case, to be funded from the Strategic Priority and MTFS reserve; and: 

(3)          That should the purchase be made, the Council’s Section 151 Officer will make the necessary changes to the Council’s prudential indicators as a result of Recommendation (1) above.