Decision:
The Executive RESOLVED that
(i) the acquisition of Sandhurst Industrial Estate be approved on the basis that such acquisition will assist in the employment and economic development of an area within the drive to work area outside the borough as well as providing long term income to assist in the provision of public services; and
(ii) the Head of Legal and Property Services, in consultation with the Portfolio Holder for Assets, be authorised to complete the due diligence work currently being undertaken and thereafter be further authorised to complete the acquisition of Sandhurst Industrial Estate, including all necessary legal documentation required to achieve the transfer of ownership, after taking all appropriate legal, valuation and technical advice.
The Executive NOTED that Urgent Action would be taken in relation to an increase to the Capital Programme and the amendments to the Prudential Indicators as set out below, which would be reported to the next Council meeting:
(i) the Capital Programme be increased by £14,115,000 (Purchase Price SDLT and LR Fees only included in this) to reflect the estimated total costs of this acquisition; and
(ii) the amendments to the Prudential Indicators as set out in Annex B to the Executive agenda report be approved and that actual financing of borrowing undertaken be delegated to the Executive Head of Finance in consultation with the Chief Executive, after taking appropriate investment advice.
Minutes:
The Executive made decisions in relation to the acquisition of property in support of the ongoing provision of local services and to assist employment and economic development in the drive to work area.