Decision details

RESOLVED:

1.  That the circumstances leading to the proposed acquisition of the freehold interest in the commercial property in question, and actions and investment due diligence being undertaken by officers and their advisors be noted.

2.  That the acquisition of the freehold interest in the property, and all related costs be approved.

3.  That it be delegated to the chief executive, advised by and in consultation with the strategic director of finance and governance and head of property, authority to:

a)  Complete the purchase of the freehold interest in the asset

b)  Agree detailed transactional terms pursuant to Heads of Terms

c)  Agree the financing structure to be adopted to fund the acquisition of the assets.

NOTE:  In accordance with the provisions of Rule 20 Access to Information rules (decisions for urgent implementation), the chair of overview and scrutiny committee has agreed that this item may be treated as a matter of urgency and is therefore not subject to call-in.