Agenda and minutes

In accordance with the Code of Conduct, Members are invited to declare any Disclosable Pecuniary Interests, Other Registerable Interests and Non-Registerable Interests including the nature and extent of such interests they may have in any items to be considered at this meeting;

E.67/23             

Members and officers were invited to declare any interests in the items of business to be considered during the course of this meeting but there were none made.

“That in accordance with Section 100(A)(4) of the Local Government Act 1972, the public and press be excluded from the meeting during consideration of the following items of business in order to avoid the likely disclosure to them of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A to the Act”;

E.68/23 

RESOLVED

That in accordance with Section 100(A)(4) of the Local Government Act 1972, the public and press be excluded from the meeting during consideration of the following item of business as the likely disclosure of exempt information as defined in paragraph 3 of Schedule 12A to the Act is involved.

E.69/23 

Members considered an exempt report that set out a range of options regarding an Investment Opportunity.

After a lengthy discussion (during which a range of views were expressed), the majority of Members were of the view that the benefits of the proposals (on the terms as set out in the published agenda report) would outweigh the associated risks and therefore supported approval of the recommendation to proceed with the Opportunity.

It was then:

RESOLVED

1.    That the Executive has been appraised of the Investment Property Opportunity;

2.    That approval be given to the Director for Place and Enterprise and the Section 151 Officer to proceed with the investment opportunity and be authorised to purchase the property in accordance with the Council’s Regeneration and Investment Strategy on the terms as set out in the published agenda report; and

3.    That approval be given to the purchase being funded from borrowing, with delegated authority being granted (for either internal or external borrowing) to the Section 151 Officer, in accordance with normal treasury management activities.