Decision details

Delegated decision:

Cabinet agrees to:

• Note the full proposals set out in Part A.

• Authorise the Director of Regeneration and Growth to purchase the property.

• Approve the proposal to utilise ‘Investment Property Acquisition Fund’ Approve borrowing the resources required for this property at an assumed rate of 2.5%.

• Authorise the Chief Executive, Director of Regeneration and Growth, Assistant Director of Legal and Democratic Services (in the role as the Council’s Solicitor) to negotiate and finalise the detailed arrangements in respect of the purchase, and to progress the financial and legal work associated with it;

• Authorise the Director of Regeneration and Growth to determine the detailed accounting arrangements for the loan, including the classification between revenue and capital

• Authorise the Assistant Director of Legal and Democratic Services (in the role as the Council’s Solicitor) to enter into any necessary agreements or documents to give effect to the above recommendations.