Issue details

Due Diligence Supporting the Purchase of a Strategic Property Acquisition

 

 

Purpose of report: To present to Executive the due diligence undertaken to support the strategic acquisition of a city centre property portfolio as agreed by Executive on 13 July 2017, and to confirm the location of the asset and the final business case. The budget for the acquisition was recommended to full council on 20 July 2017.

Executive will be asked to agree to the contract completion of the acquisition of a city centre property portfolio from a budget established by Full Council on 20 July 2017.

 

Reason for urgency

 

An urgent item is needed to secure the purchase within the timescales set by the vendors.  If the due dilligence report does not go to the meeting of the Executive on 27 July 2017, then the next Executive in September is too late and the Council will have missed the commercial opportunity.

 

The confidential annex will contain information that is commercially confidential until the sale contract is complete when it will become public.



Decision type: Non-key

Decision status: Decision Made

Wards affected: Guildhall Ward;

Notice of proposed decision first published: 18/07/2017

Anticipated restriction: Part exempt  -

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

Level of Risk: 04-08 Regular monitoring required;

Decision due: 27/07/17 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, Director Economy, Regeneration and Housing Tel No. 01904 553419 Email: tracey.carter@york.gov.uk.

Consultation process

Please contact the report author for further details.

Making Representations: Please contact the report author for further details.

Decisions

Agenda items

 

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