Decision details

RESOLVED:

(1)       That the Property Investment Strategy, as set out in this report, be approved.

(2)       That the setting up of a Property Investment Board in line with the Terms of Reference as set out in Appendix B be approved.

(3)       That Authority be delegated to the Council Solicitor to negotiate and conclude such documents deemed necessary or desirable to reflect the heads of terms negotiated by the S151 Officer and  Head of Place to enable the completion of each acquisition.

RECOMMEND TO COUNCIL:

(1)          That Authority be delegated to the S151 Officer in consultation with the Cabinet  Member for Performance and Resources to:

a)     Amend the capital programme to create a  Property Investment fund of £80m in order to acquire new investment property;

b)     Borrow as required to fund  investment property purchases; and

c)      Amend the Treasury Management Strategy and Prudential Indicators as necessary to reflect the Council’s borrowing requirement.

(2)          Subject to the approval of recommendation 1,  the following delegations be approved to proceed with the acquisition of assets, subject to the acquisitions meeting the parameters of the  Property Investment Strategy:

a)     Asset purchases of up to £15m to be approved by the S151 Officer in consultation with the Property Investment Board.

b)     Asset purchases in excess of £15m be referred to the Cabinet.