Decision:
The Executive is RESOLVED that
(i) the acquisition of the Theta Building be approved on the basis that such acquisition will assist in the employment and economic development of 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 be authorised to complete the due diligence work currently being undertaken and thereafter be further authorised to complete the acquisition of Theta Building, including all necessary legal documentation required to achieve the transfer of ownership, after taking all appropriate legal, valuation and technical advice; and
The Executive RECOMMENDED to Council that
(i) the Capital Programme be increased by £14,300,000 to reflect the estimated total costs of this acquisition; and
(ii) the Prudential Indicators as set out in Annex B to this 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 the borough in order to support economic development as well as providing long term income to assist in the provision of public services.