It was not possible to circulate the report five clear days in advance of the meeting. The chair agreed to accept the item as urgent because the opportunity to purchase the property arose in late 2023 with negotiations continuing to the Christmas break. The primary heads of terms including purchase price, transaction structure and other terms were not agreed until 22 December 2023.
A condition of the transaction is that the council makes a formal decision on the 6 February 2024 and transacts shortly thereafter.
RESOLVED:
1. That the circumstances leading to the proposed acquisition of the freehold asset and actions and 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 including noting the agreed heads of terms, price and acquisition costs supported by the valuation and building survey statements be approved.
3. That authority be delegated to the director of planning and growth, advised by and in consultation with the strategic director of finance to:
a) Complete the purchase of the freehold interest and subsequent lease arrangements
b) Agree detailed transaction terms
c) Agree the financing structure to be adopted to fund the acquisition of the asset.