Decision details

1) To agree the purchase of land.

2) To approve a capital budget for the purchase of land.

Report of the Chief Executive on the purchase of residential development land at Peartree Lane, Welwyn Garden City.

(1)       The Decision Taken

RESOLVED:

(unanimous)

The council sought to negotiate to acquire the site for no more than the amount set out in the report.

(2)       Reasons for the Decision

The purpose of the report was to set out the exempt matters in support of the recommendation made in item 7C.

As set out in the Part I report the council hold the benefit of a number of covenants and an overage provision over the YMCA site in Peartree Lane, Welwyn Garden City.  This site is being brought forward for redevelopment by One YMCA.

The site will be worth £4.0M if purchased by the Council, and the approval sought in item 7C is to negotiate for a purchase price not exceeding the amount set out in the report.