59 East Kent Property Portfolio Acquisition
To consider and endorse or make recommendations to the Cabinet Member for Corporate and Democratic Services on the proposed decision as set out in the report
Mrs R Spore, Director of Infrastructure, and Mr K Hollidge, Development Consultant, were in attendance for this item.
1. Mrs Spore and Mr Hollidge introduced the report, which outlined a proposal to acquire a small portfolio of properties, and explained that the Sub-Committee was being asked to comment on and either endorse or make a recommendation to the Cabinet Member for Corporate and Democratic Services on the proposed acquisition. They set out the background to and context of the current proposal and, with the Cabinet Member, responded to comments and questions from Members, explaining the following:-
a) the sites to which the ‘sale and leaseback’ options applied were separate to those included in the current proposed acquisition;
b) the sites currently proposed for acquisition would not include planning permissions, or be dependent upon any of them receiving such permissions; and
c) the County Council had secured a current, independent market valuation of the sites proposed for acquisition from a reputable firm and officers were confident that the Council would be able to add value to the properties.
2. RESOLVED that the proposed decision by the Cabinet Member for Corporate and Democratic Services, to authorise the Director of Infrastructure, in consultation with the Corporate Director of Finance and the Cabinet Member, to:
a) proceed with the acquisition of the East Kent Property Portfolio at an appropriate value, within the requirements of the Property Investment Fund;
b) finalise the terms of the transaction; and
c) enter into any necessary documents to effect the acquisition,