PROPERTY INVESTMENT
Exempt report of the Corporate Director (Resources, Environment and Cultural Services) on a proposed property investment.
(Note: The Chairman of the Resources Overview and Scrutiny Committee has been given notice that it was impracticable to comply with the requirement that at least twenty eight days notice must be given of the intention to make a key decision on the Forward Plan and to consider the item in the private section of the meeting in accordance with Regulations 5 and 10 of the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012 because it was urgent and could not reasonably be deferred for the reason specified).
The reason for this item is to be able to proceed with a proposed property investment without delay.
Decision:
(1) The Cabinet agreed in principle to purchase the property as outlined in the exempt report.
(2) The Cabinet agreed to give delegated authority to the Corporate Director (Resources, Environment and Cultural Services) in consultation with the Leader, Executive Member (Resources) and Executive Member (Environment and Planning Delivery) to agree the final offer for the purchase once all the building survey and due diligence process was completed.
(3) The Cabinet agreed to give delegated authority to the Corporate Director (Resources, Environment and Cultural Services) in consultation with the Executive Member (Resources) to agree the cost of conversion as highlighted in the exempt report.
Minutes:
Exempt report of the Corporate Director (Resources, Environment and Cultural Services) on a proposed property investment to replicate the Weltech Business Centre model elsewhere in the Borough with the aim to continue to support the start-up and small business sector.
The Special Council meeting on 23 October 2018 agreed that £8M be added to the current year’s capital programme for the purchase of properties for this purpose (Minute 35 refers).
RESOLVED:
(1) That the Cabinet agrees in principle to purchase the property as outlined in section 3 of the exempt report.
(2) That the Cabinet agrees to give delegated authority to the Corporate Director (Resources, Environment and Cultural Services), in consultation with the Leader, Executive Member (Resources) and Executive Member (Environment and Planning Delivery) to agree the final offer for the purchase once all the building survey and due diligence process was completed.
(3) That the Cabinet agrees to give delegated authority to the Corporate Director (Resources, Environment and Cultural Services), in consultation with the Executive Member (Resources), to agree the cost of conversion as highlighted in paragraph 3.8 of the exempt report.
(Note: The Chairman of the Resources Overview and Scrutiny Committee had been given notice and agreed that it was impracticable to comply with the requirement that at least twenty eight days notice must be given of the intention to make a key decision on the Forward Plan and to consider the item in the private section of the meeting in accordance with Regulations 5 and 10 of the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012 because it was urgent and could not reasonably be deferred for the reason specified).
The reason for this item is to be able to proceed with a proposed property investment without delay.