Decision details

To approve the transfer of additional funds from the provisional strategic acquisition fund to the approved capital programme and adopt a new procedure for the Council to follow when considering and approving the acquisition of strategic and/or operational property assets.

Decision:

(1)   That a new procedure for the Council to follow when considering and, where appropriate, approving the acquisition of strategic and/or operational property assets, as set out in Appendix 1 to the report submitted to the Executive, be adopted, subject to the amendment to the ‘Affordability’ criterion set out in the Supplementary Information Sheet.

(2)   That the transfer of £5 million from the provisional capital programme (scheme no. PR371 – strategic property acquisitions) to the approved capital programme be approved.

(3)   That the Director of Strategic Services be authorised, in consultation with the Head of Asset Management, the Director of Resources, and the relevant Lead Councillor with portfolio responsibility for finance and asset management, to approve strategic and/or operational property acquisitions within the set parameters of the new procedure.

Reason:

To secure the funding of various prospective property acquisition for strategic/operational purposes and apply a robust and streamlined approach for future acquisition of operational and strategic property assets.

Other options considered and rejected by the Executive:

None

Details of any conflict of interest declared by the lead or lead councillors and any dispensation granted:

None