Issue - decisions

Resolved:  That the Executive:

                                i.       Recommends to full Council:-

the establishment of a capital budget of £15m, to be financed initially from borrowing, to fund the acquisition of freehold interest in a portfolio of city centre commercial property assets.

to agree that any future capital receipts not currently assumed in the Capital strategy, be allocated to fund the purchase, thereby reducing in time the associated borrowing related to the investment. This will be updated in capital monitor reports in the future.  

                               ii.       Agrees to bring back to Executive a due diligence report prior to completion of the acquisition.

Reason:    To ensure the ongoing economic vibrancy of the city centre and increase the income from the council’s commercial property portfolio in order to achieve budget targets.