Meeting documents
Venue: Mezzanine Rooms 1 & 2, County Hall, Aylesbury
Contact: Rachel Bennett
Note: Please note that this meeting will be webcast - please use the "Webcasts" menu link
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Webcast: View the webcast
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Apologies for Absence Additional documents: Minutes: Apologies were received from Mr N Brown, Cabinet Member for Community Engagement and Public Health, his deputy Mrs J Teesdale attended on his behalf.
Deputy Cabinet Members in attendance were M C Harriss and Mrs A Cranmer. |
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Declarations of Interest Additional documents: Minutes: There were none.
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Acquisition of Investment Properties PDF 197 KB Recommendation
That Cabinet:
1. Reviews the risks associated with the potential purchase as explained in the report, including the size of the investment and the remaining length of the current lease on Building 3; 2. Subject to 1 above, approves formal due diligence and negotiations with the Vendor’s investment agent; 3. Authorise the Cabinet Member for Resources and Executive Director of Resources to conclude the purchase of the Property following a successful outcome from the process of due diligence. 4. Allow and authorise the Council to enter into or execute under seal, if necessary any agreements and other related documentation required to facilitate the completion of the purchase of the Property.
Additional documents: Minutes: Mr M Tett, Leader, introduced the item outlining the reason why the Council had developed a portfolio for investment properties. Mr Tett stated that the objective of the acquisition of these properties would be to supplement the council’s revenue by investment income. This would help protect front line services to residents.
Mr O Milambo, Deputy Head of Strategic Assets and Mr M Preston, Head of Finance, Resources & Pensions attended the meeting in order to answer Member’s questions.
Mr J Chilver, Cabinet Member for Resources highlighted the following points:
Cabinet raised and discussed the following points.
Due to the confidential nature of the acquisition Cabinet discussed the confidential appendices within a closed session and not on webcast.
Following the confidential session it was noted that a number of key points were to be included in the due diligence process and the purchase would only proceed if the County Council received satisfactory reassurances.
Recommendation That Cabinet:
RESOLVED: Cabinet AGREED the recommendations as set out above.
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Exclusion of the Press and Public To resolve to exclude the press and public as the following item is exempt by virtue of Paragraph 3 of Part 1 of Schedule 12a of the Local Government Act 1972 because it contains information relating to the financial or business affairs of any particular person (including the authority holding that information) Additional documents: Minutes: RESOLVED
That the press and public be excluded for the following item which is exempt by virtue of Paragraph 3 of Part 1 of Schedule 12a of the Local Government Act 1972 because it contains information relating to the financial or business affairs of any particular person (including the authority holding that information)
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Acquisition of Investment Properties To consider confidential appendices. |
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Date of the Next Meeting 12 November 2018. Additional documents: Minutes: 12 November 2018.
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