Decision details

The capital programme for 2016/17 currently has £5.9m fully approved and a further £5m provisionally approved for property acquisitions. This report seeks to move an element of the £5m provisionally approved budget to a full approval in order to fully fund an acquisition of a property interest in Bath. 

The decision is urgent as a result of the owner of the property requiring a completion date within 10 working days of exchanging Heads of Terms which were agreed on 12 October 2016. Appropriate due diligence will be undertaken prior to completion.

The Cabinet Member agrees that £1,861,650 of the £5million funding provisionally approved by Council in February 2016 for property acquisition be fully approved. 

The rationale for the attached decision is set out in the attached report.

The decision is being made in accordance with Rule 16 of the Council’s constitution.  It would generally to be an ordinary single member decision but to enable the transaction to complete successfully it is necessary to use of the Council’s urgency procedure.

The urgency arises as a result of the owner of the property requiring completion within 15 working days of agreeing to dispose of premises to the Council.  The acquisition will be subject to appropriate due diligence for a transaction of this nature.

See attached report.