Decision details

The Cabinet will be asked to approve proposed terms for the acquisition and lease back of a site in Village ward.

The Cabinet Member for Finance, Growth and Core Services presented a report on the proposed acquisition of a site in the Village Ward, referring to the financial arrangements associated with the proposed purchase and the future development potential of the site.

Cabinet resolved to:

(i)  Agree the acquisition and lease-back arrangements in respect of the site shown edged yellow in the site plan at Appendix 1 to the report, on the terms detailed in section 2 of the report;

(ii)  Note that a resources budget for Be First of £81,000 had been established to enable required teams and consultants to be appointed to undertake technical and legal work relating to the acquisition and progression of redevelopment options;

(iii)  Delegate authority to the Strategic Director, Finance and Investment, in consultation with the Cabinet Member for Finance, Growth and Core Services and the Chief Legal Officer, to finalise terms and enter into all necessary contract documents and ancillary agreements to fully implement and effect the purchase and leasing arrangement of the site; and

(iv)  Note that should the circumstances of the project change from those set out in the report, a further report will be presented to Cabinet.