Decision details

This report sets out the terms of the proposed acquisition of income generating investment property to move to full budget approval from provisional budget approval.

The Cabinet Members agree:

1.1  The acquisition of an investment property which is in line with MHCLG guidelines as it is within the Bath and North East Somerset boundary; and

1.2  Capital expenditure on the acquisition of the property and any necessary adjustments to the 2018/2019 capital budget to reflect this approval.

The rationale for the decision is largely on a value for money basis, having considered the risks to the Council of not taking it.

The decision is being made in accordance with Rule 15 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 the Council’s urgency procedure.

The urgency arises as a result of the terms of sale requiring that the Council exchanges contracts and completes the transaction within a specified timescale.  The acquisition will be subject to appropriate due diligence for a transaction of this nature.

None.