(Councillor Sarah
Broughton declared a local non-pecuniary interest in this item as
the businesses in which she is a partner uses the services of a
business listed in the exempt report (further details to be
provided once exemption (para 3) has been removed.) Councillor
Broughton remained in the meeting for the consideration of this
item.)
Approval was sought in private session for an
addition to the Council’s commercial asset portfolio,
together with associated funding required.
The Council had the opportunity to purchase
the freehold interest of property in Bury St Edmunds as a
commercial investment. If it were to proceed, the purchase would be
made from the Council’s Investing in Growth fund and would
help toward achieving the aspiration of a 1% (after borrowing
costs) return across the whole fund.
In the absence of the Leader of the Council,
Councillor Susan Glossop, Portfolio Holder for Planning and Growth,
drew relevant issues to the attention of Council, including
providing background to the proposal; the details of the
Council’s provisional offer; the financial case for making
the investment; and the potential wider place-shaping and strategic
value.
An addendum to the exempt report had been
circulated prior to the meeting and an additional addendum was
tabled, which provided a revised recommendation following the Joint
Executive (Cabinet) Committee’s consideration of the matter.
These provided the updated position since the publication of the
agenda.
The Mayor invited officers to provide further
background and details on technical aspects of the proposal.
Having considered the proposal in detail,
Council considered it to be a positive and beneficial move for the
Council.
On the motion of Councillor Glossop, seconded
by Councillor Carol Bull, and duly carried, it was
RESOLVED:
That:
The resolution will be published in due course
following the lifting of the exemption.
(Councillor David
Nettleton wished it to be recorded that he voted against the
motion.)
(Councillors Max
Clarke, Karen Richardson and Andrew Speed joined the meeting during
the consideration of this item.
Councillor Paul Hopfensperger left the meeting during its
consideration.)
The exemption
relating to this item has been removed and therefore the following
resolution is published. This is not included in the signed minutes
for this meeting:
RESOLVED:
That:
(1) a capital
budget of £3,503,480 be established and made available to
facilitate the purchase of Vicon House, Western Way, Bury St
Edmunds, including fees and Stamp Duty Land Tax, to be funded from
the Investing in our Growth Agenda Fund; and
(2) it be noted
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).