Decision details

The Cabinet will be asked to approve the proposed terms of an offer to purchase a site of strategic importance to the Council.

Further to Minute 72 (15 November 2016), the Cabinet Member for Finance, Growth and Investment introduced a report on an opportunity to purchase a 0.08 hectare area of land to facilitate wider regeneration opportunities for the immediate area.

The Cabinet Member outlined the proposed terms of the acquisition and advised that, should the bid be successful, short-term letting opportunities would be explored to cover interest costs while the wider regeneration plans for the area were being developed.

The Cabinet resolved to:

(i)  Agree that appropriate financial provision, as detailed in the report, be made within the 2016/17 Capital Programme to facilitate the purchase of the site shown edged red in Appendix 1 to the report;

(ii)  Authorise the Strategic Director of Growth and Homes, in consultation with the Chief Financial Officer, the Director of Law and Governance and the Cabinet Member for Finance, Growth and Investment, to progress the purchase of the site on the terms set out in the report and to enter all necessary agreements to complete the purchase;

(iii)  Authorise service of Initial Demolition Notices on the secure tenants of the adjoining Council property in order to suspend the requirement for the Council to complete Right-to-Buy applications for as long as the Notices remained in force; and

(iv)  Note that a further report shall be presented to Cabinet if the land purchase was secured, setting out proposals for the future use of the site.