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Issue details

Establishing an Investment Budget for a Strategic Commercial Acquisition

An opportunity has arisen for the council to acquire the freehold interest in a portfolio of properties in the city centre that represent a good commercial opportunity and a way for the council to generate significant additional income to contribute to the increased budget income target set for the council’s commercial portfolio.

The report will seek to establish a commercial investment budget to enable the council to make the acquisition. This budget will need to be agreed by Full Council. The property is on the market now and will be marketed over the summer. In order for the council to make a competitive bid for this property, this item has been added to the Forward Plan as an urgent item to enable the recommendation to be considered at Full Council in July. If the report does not go to July Executive, then the next Full Council is in October which will be too late and the council will have missed the commercial opportunity.

Purpose of report: To set out the business case for a strategic investment in commercial property in York City Centre in order to secure increased income from the council’s commercial portfolio and to meet budget targets.

Members will be asked to recommend to Full Council the establishment of a capital budget to fund the acquisition of freehold interest in some city centre property assets.

Decision type: Key

Reason Key: Cabinet Decision - a 'Key Issue' - decision leading to savings or expenditure of £500,000 or above;

Decision status: Decision Made

Wards affected: Guildhall Ward;

Notice of proposed decision first published: 29/06/2017

This decision will be taken under urgency procedures.

Reason for urgency:
The report will seek to establish a commercial investment budget to enable the council to make the acquisition. This budget will need to be agreed by Full Council. The property is on the market now and will be marketed over the summer. In order for the council to make a competitive bid for this property, this item has been added to the Forward Plan as an urgent item to enable the recommendation to be considered at Full Council in July. If the report does not go to July Executive, then the next Full Council is in October which will be too late and the council will have missed the commercial opportunity.

Anticipated restriction: Part exempt  - View reasons

Explanation of anticipated restriction:
3. Information relating to the financial or business affairs of any particular person (including the authority holding that information).

Decision due: 13/07/17 by Executive

Lead member: Executive Leader (incorporating Finance & Performance)

Lead director: Corporate Director of Economy and Place

Department: Directorate of Economy and Place

Contact: Tracey Carter, Assistant Director-Regeneration and Asset Management Tel: 01904 553419 Email: tracey.carter@york.gov.uk.

Consultation process

For further information, contact the author of the report.

Making Representations: For further information, contact the author of the report.

Decisions

Agenda items

Documents

  • Establishing an investment budget for a strategic commercial acquisition  

 

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