Potential Acquisition of Land at Thames Road, Barking
Additional documents:
Minutes:
The Cabinet Member for Regeneration and Economic Development presented a report on the potential purchase of two key plots of land within the Thames Road Transformation Area.
The Cabinet Member advised on the current circumstances regarding ownership of the land and the opportunities that purchasing the sites could create for the Council. It was noted, however, that the Council’s proposed offer for each of the two sites was based on overall costs having no adverse impact on the performance of the Be First commercial portfolio and the Council’s General Fund, meaning that the purchase price and other associated costs must be covered by a sustainable forecast of income generated from the sites.
Cabinet resolved to:
(i) Agree to the submission of bids for the purchase of two parcels of land within the Thames Road Transformation Area on the terms set out in the report; and
(ii) Delegate authority to the Strategic Director, Resources, in consultation with the Cabinet Member for Finance, Growth and Core Services and the Head of Legal, to complete the necessary documentation to acquire the site(s) should the Council’s bid(s) be successful.