Agenda item

Exempt Report No: COU/SE/19/002

(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).