Decision details

Southern Gateway - Potential Acquisition

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

For members to consider the terms of an acquisition of land to facilitate the delivery of the Southern Gateway regeneration project.

Decisions:

Mr Over introduced the item and outlined the exempt report. He then responded to questions and points of clarification raised by Mrs Lintill, Mr Briscoe, Mrs Taylor, Mr Bell and Mrs Graves.

 

During the course of the item Mrs Lintill allowed Mr Moss, Mr Barrett, Mr Sutton and Mr Oakley to comment.

 

Decision

 

The Cabinet then voted unanimously to make the resolutions and recommendation below.

 

RESOLVED

 

1.     That the agreement of the terms for the purchase of the freehold interest in the property shown edged on drawing no. 5736 (Appendix 1) be delegated to the Deputy Chief Executive/Executive Director, following consultation with the Leader, Portfolio Holder for Growth, Place and Regeneration, the Leader of the Opposition and the S151 officer, subject to the satisfactory completion of due diligence and a back to back arrangement and option to explore a buy back clause with the appointed development partner or the developer underwriting the holding costs.

2.     That the Deputy Chief Executive/Executive Director, following consultation with the Leader, Portfolio Holder for Growth, Place and Regeneration, the Leader of the Opposition and the S151 Officer be delegated authority to conclude the purchase and negotiate changes to the heads of terms to reflect due diligence required.

 

RECOMMENDED TO THE COUNCIL

 

That the purchase consideration plus associated costs be funded by the use of reserves.

 

Report author: Mr Paul E Over

Publication date: 05/09/2019

Date of decision: 03/09/2019

Decided at meeting: 03/09/2019 - Cabinet

Effective from: 12/09/2019

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