Issue - meetings

Report No: CAB/WS/20/028

Portfolio Holder: Cllr Sara Mildmay-White           

Lead Officers: Davina Howes and Julie Baird

(This report is to be considered in private under paragraph 3 of Schedule 12A of the Local Government Act 1972, as it contains information relating to the financial or business affairs of any particular person (including the authority holding that information))

(No representations have been received from members of the public regarding this item being held in private)

RESOLVED:

The recommendations were approved as set out in Exempt Report No: CAB/WS/20/028.

(Report No: CAB/WS/20/028)

The Cabinet considered this report which set out an opportunity for the Council to invest in its commercial asset portfolio.

RESOLVED:

The recommendations be approved as set out in Exempt Report No: CAB/WS/20/028.

The exemption relating to this item was removed on 27 July 2020, and therefore the following resolution is now published. This is not however, contained in the signed minutes for this meeting:

RESOLVED:

That:

1.       the purchase of the freehold interest of St Edmunds Guest House, St Andrews Street North, Bury St Edmunds, be approved, for £850,000 (Eight hundred and fifty thousand pounds), excluding VAT, fees and Stamp Duty Land Tax, to be funded from the Investing in Growth fund;

2.       a capital budget of £940,500 (Nine hundred and forty thousand five hundred pounds) be established to be made available to facilitate the purchase, including fees and Stamp Duty Land Tax, and initial alterations budgeted at £50,000, to be funded from the Investing in Growth fund; and

3.       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 Recommendations (2. and 3.) above.