Proposed Property Investment Decisions
Report of the Portfolio Holder for Finance
Minutes:
(Cabinet Member with Special Responsibility Councillor Whitehead)
Cabinet received a report from the Portfolio Holder for Finance to update Cabinet on the decisions made by the Capital Strategy Group on 4 July 2019 to commence to the due diligence stage for two property acquisitions. The report was exempt from publication by virtue of Paragraph 3 of Schedule 12A of the Local Government Act 1972.
No options analysis was required as this stage as the report was for consideration of endorsement. A further report would be considered by Cabinet on 3 September 2019 following the conclusion of the due diligence process.
Councillor Whitehead proposed, seconded by Councillor Hanson:-
“That the contents of the report be endorsed.”
Councillors then voted:-
Resolved unanimously:
(1) That the contents of the report be endorsed.
Officer responsible for effecting the decision:
Director for Corporate Services
Reasons for making the decision:
The purchase of investment properties is consistent with the Council’s Property Investment Strategy which is part of the Funding the Future Strategy. In accordance with the Property Investment Strategy governance process, if after due diligence, the purchases are reported to and approved by Cabinet on 3 September this will be reported to Council on 25 September.