Issue - meetings

This report considers the opportunity to make an investment to the council’s advantage.      

The report considered the opportunity to make an investment to the council’s advantage.    

During the consideration of this item, Councillor Mrs Hollingsbee made a voluntary declaration in that she attended a dentist within the building referred to in the report.

The Cabinet Members agreed for the addition of the words ‘subject to legal due diligence being carried out’ to recommendation two of the report.

Proposed by Councillor Monk,

Seconded by Councillor Peall; and

RESOLVED:

1.        That report C/18/84 be received and noted.

2.        That it be recommended to Full Council that the Corporate Director – Place and Commercial, in agreement with the Leader of the Council and the Cabinet Member for Finance, be authorised to acquire the property described in the report, subject to legal due diligence being carried out, as an investment for the Council and on terms to the satisfaction of the Chief Finance Officer (Section 151 Officer).

3.        That it be recommended to Full Council that the principles for commercial investments as set out in paragraph 3.6 of the report be adopted.

4.        That it be recommended to Full Council that delegated authority be given to the Chief Finance Officer (Section 151 Officer) in consultation with the Cabinet Member for Finance to make the appropriate changes to the Investment Strategy, Medium Term Capital Programme, Treasury Management Strategy and Capital Strategy should the purchase be concluded.

(Voting figures: 10 for, 0 against, 0 abstentions).

REASONS FOR DECISION:

Cabinet was asked to consider the recommendations in order to request Full Council to authorise the making of the investment described in the report.