Issue - meetings

Acquisition of Property in Earlswood and Whitebushes

 

 

Meeting: 30/01/2020 - Partner, Shareholder and Trustee Executive Sub-Committee (Item 69)

69 Acquisition of Property in Earlswood and Whitebushes

Supporting documents:

Decision:

RESOLVED that:

i)               subject to satisfactory due diligence, the Head of Legal and Governance, in consultation with the Head of Finance and Assets and members of the Commercial Ventures Executive Sub-Committee, be authorised to:

 

(a)  Acquire the freehold/leasehold of the properties in Earlswood and Whitebushes as detailed in the exempt report in Part 2 of the report; and

 

(b)  Fund the acquisition and supporting costs from the funding allocated within the approved capital programme for investment in capital schemes to support delivery of the Corporate Plan, Housing delivery Strategy and Investment Strategy.

Minutes:

Councilllor T Archer, Portfolio Holder for Investment and Companies, presented the report on the Acquisition of Property in Earlswood and Whitebushes and explained that financial details of the acquisition were set out in the exempt report in the Part 2 section of the agenda.

The CVESC discussed the scope of the acquisition and in response to a question from a visiting Member about the possibility of flooding, it was noted that appropriate due diligence would be carried out which would include a flood risk assessment.

RESOLVED that:

i)               subject to satisfactory due diligence, the Head of Legal and Governance, in consultation with the Head of Finance and Assets and members of the Commercial Ventures Executive Sub-Committee, be authorised to:

 

(a)  Acquire the freehold/leasehold of the properties in Earlswood and Whitebushes as detailed in the exempt Part 2 of the report; and

 

(b)  Fund the acquisition and supporting costs from the funding allocated within the approved capital programme for investment in capital schemes to support delivery of the Corporate Plan, Housing delivery Strategy and Investment Strategy.

Reason for decision: To assist in the achievement of the Council’s place-shaping and commercial objectives as set out in the Council’s five year Corporate Plan.

Alternative options: To not authorise the acquisition and not deliver against a number of people and place priorities and not generate income for the Council.