Agenda, decisions and minutes

None.

Councillors’ declarations of interest (if any) in relation to any items on the agenda.

None.

The Chair will move that the following item be taken in private session on the grounds that it is likely to involve the disclosure of exempt information as specified under Paragraph 3 of Part One of Schedule 12A of the Local Government Act 1972, if and so long as in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information).

RESOLVED that the following item be taken in private session on the grounds that it is likely to involve the disclosure of exempt information as specified under Paragraph 3 of Part One of Schedule 12A of the Local Government Act 1972, if and so long as in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information).

RESOLVED that Cabinet recommends to Full Council that:

A     The purchase of a commercial development as outlined in the report subject to satisfactory completion of a negotiated acquisition, funding, structuring (including the incorporation of an LLP if required) and other terms to secure the acquisition by the Council purchase of the development within the maximum terms outlined in the report subject to full financial appraisal.

B     A budget is allocated for the negotiated purchase price and associated costs within the Capital Programme and approve that associated Capital Strategy and Treasury documents are amended to reflect the capital acquisition.

C     Delegated authority is given to the Leader of the Council and Deputy Chief Executive & Director of Finance (s151 officer) to finalise the capital financing for the acquisition.

D     The Council engage legal, property, surveyor, valuation, and operational

specialist management advisors (as required) to facilitate full legal, property and financial due diligence on the development at an initial cost of up to £120,000 as set out in the report; should these costs become abortive, they are met from Earmarked Reserves.

E     Delegated authority be given to the Leader of the Council, Deputy Chief

Executive & Director of Finance (s151 Officer) and Director of Governance & Corporate Services to negotiate and complete the Transaction as set out in this report.

Cabinet received a report on proposals to acquire commercial assets.

Proposed by Councillor Dan Swords (seconded by Councillor James Leppard) it was:

RESOLVED that Cabinet recommends to Full Council that:

A     The purchase of a commercial development as outlined in the report subject to satisfactory completion of a negotiated acquisition, funding, structuring (including the incorporation of an LLP if required) and other terms to secure the acquisition by the Council purchase of the development within the maximum terms outlined in the report subject to full financial appraisal.

B     A budget is allocated for the negotiated purchase price and associated costs within the Capital Programme and approve that associated Capital Strategy and Treasury documents are amended to reflect the capital acquisition.

C     Delegated authority is given to the Leader of the Council and Deputy Chief Executive & Director of Finance (s151 officer) to finalise the capital financing for the acquisition.

D     The Council engage legal, property, surveyor, valuation, and operational

specialist management advisors (as required) to facilitate full legal, property and financial due diligence on the development at an initial cost of up to £120,000 as set out in the report; should these costs become abortive, they are met from Earmarked Reserves.

E     Delegated authority be given to the Leader of the Council, Deputy Chief

Executive & Director of Finance (s151 Officer) and Director of Governance & Corporate Services to negotiate and complete the Transaction as set out in this report.