Decision details

To update Cabinet on the due diligence requested at its meeting on 5^th September 2022 and to seek a decision as to what if any further action should be taken in relation to a proposed acquisition in March.

Cabinet AGREED to note the contents of the confidential report and provided instructions to officers in relation to the following:

A)   Taking into consideration the legal and financial implications described, members agree that without prejudice negotiations in relation to the proposed acquisition of the Site should continue, subject to the availability of DLUHC funding; 

B)   that officers are instructed to submit without prejudice offers up to the revised limit agreed and agreed the level at which that limit should be set;

C)   That in making the decision to proceed with the negotiations and that in setting a revised limit for that purpose, that Members have considered the Principles set out in the Subsidy Control Act 2022 (the “Act”) and are of the view that any subsidy to be granted to the vendors of the Site is consistent with those Principles.

D)   That the Section 151 officer in consultation with the Leader of the Council and Portfolio holder be authorised to complete the purchase of the property for a sum not to exceed the limit agreed by members in accordance with these recommendations and only following receipt of DLUHC grant funding and satisfactory due diligence returns.

E)   To delegate to the Leader of the Council and Section 151 Officer to determine how any shortfall in funding should be managed which may arise from the difference between the DLUC funding and Members agreed offer price including via the Council’s Capital programme.