Southern Gateway - Potential Acquisition
The material relevant to this item is the report and its appendix on pages 93 to 99 of the agenda pack of the Cabinet at its meeting on 3 September 2019 and the subsequent supplement that was circulated to members only.
The following recommendation was made to Council:
That the purchase consideration plus associated costs be funded by the use of reserves.
Minutes:
This item was withdrawn from the agenda.
Southern Gateway - Potential Acquisition
The Cabinet is requested to consider the agenda report and its two appendices and make the following resolutions and recommendation to Council:
1. That the Cabinet approves the purchase shown in Appendix 1 on the terms set out in Appendix 2.
2. That the Cabinet delegates to the Deputy Chief Executive/Executive Director, following consultation with the Leader and S151 officer, to conclude the purchase and negotiate changes to the heads of terms to reflect due diligence if required.
Recommendation to the Council:
That the Cabinet recommends to the Council that the purchase is funded by the use of reserves.
Additional documents:
Decision:
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.
Minutes:
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.