Decision details

Decision to purchase asset

RESOLVED:

1.  That the circumstances leading to the proposed acquisition of the freehold asset and actions and investment due diligence being undertaken by officers and their professional advisers be noted.

2.  That the acquisition of the freehold interest as detailed in the closed report be approved to include:

a.  Noting the agreed heads of terms, price and acquisition costs

b.  Noting the valuation and building survey statements.

3.  That it be agreed to delegate to the director of planning and growth, advised by and in consultation with strategic director of finance, the assistant chief executive for governance and assurance, the leader of the council and the cabinet member responsible for finance, authority to:

a.  Complete the purchase of the freehold interest

b.  Agree detailed transaction terms

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