The Cabinet resolved to:
(i) Note the following action taken by the Chief Executive under the urgency procedures contained within paragraph 4, Chapter 16, Part 2 of the Council’s Constitution:
(a) Agreed that the Council submit an offer to Sainsbury’s Plc in accordance with the Heads of Terms set out in Appendix B to the report at Annex 1 for the 9.17 acre site at the former Sanofi site, Rainham Road South, Dagenham as shown edged red in the plan attached at Appendix A to that report;
(b) Authorised the Strategic Director of Growth and Homes, in consultation with the Strategic Director of Finance and Investment, the Director of Law and Governance and the Cabinet Member for Finance, Growth and Investment, to progress the purchase of the site in accordance with the Heads of Terms and to enter into all necessary agreements to complete the purchase should the Council’s offer be accepted;
(ii) Note that the Council’s bid was successful and that further reports shall be presented to Cabinet setting out proposals for the future use of the site and the revenue funding arrangements associated with the cost of borrowing.