Decision details

Approval of property purchase

Exempt report of the Corporate Director (Resources, Environment and Cultural Services) on potential property investment opportunities.

(1)        The Decision Taken

RESOLVED:

(1)     That the Cabinet agrees in principle to purchase the property as outlined in section 3 of the exempt report.

(2)     That delegated authority be given to the Corporate Director (Resources, Environment and Cultural Services), in consultation with the Executive Member (Resources), to agree the maximum purchase price to be offered for the purchase.

(2)        Reasons for the Decision

The Council had set aside a budget for direct property investment in the Borough for regeneration purposes as well as providing an ongoing revenue income to the General Fund.  Officers had identified an investment opportunity recently for the Cabinet to consider.