Issue - meetings

A report from the Director of Finance, Resources and Customer Services is attached. This outlines the potential disposal of Council owned properties by the end of December 2013. (Key decision – reference number 3295)

(Report No.87)

(9.20 – 9.25 pm)

Councillor Andrew Stafford (Cabinet Member for Finance and Property) introduced the report of the Director of Finance, Resources and Customer Services (No.87) advising on the progress of the disposal programme.

NOTED

1.                  The list of properties targeted for disposal had been split into two parts; those targeted for disposal between September 2011 and March 2012 and those between September 2011 and December 2013.

2.                  These were assets – no longer needed - that had been identified for disposal to help provide future capital programme funding. 

Alternative Options Considered: Continuing to own the existing property estate and not dispose of property. Such a strategy would not deliver the much needed capital receipts. Borrowing more money was considered to be a less favourable option than disposing of property.

DECISION: The Cabinet

1.         agreed to authorise the disposal of properties shown at Appendix 1 of the report and delegate to the relevant Cabinet Member (in conjunction with the Cabinet Member for Finance, Resources and Customer Services and the relevant Director) the final agreement of terms for individual disposals as follows:

(a)               providing the property is shown in Appendix 1 of the report;

(b)               or, in the unlikely event that alternative property is identified (not shown in Appendix 1 of the report) which is introduced to the programme, such alternative property must have previously been subject to an Urgent Decision and for which such transaction and reasons for the urgent action is reported at the next Cabinet meeting;

(c)               recognises the advantages to the HRA business finance model as set out in clause 8.1.6 of the report if the HRA property sales can be achieved by 31 March 2012 and authorises urgency powers, as necessary, to those Cabinet Members as described in 2.1 above to facilitate the final agreement of terms given the short time period available to officers to optimise the HRA position once the due diligence and marketing periods commence;

(d)               notes that: investigations are taking place regarding the potential of each property shown at Appendix 1 of the report, and that as the results of investigations become more apparent, the list of properties may be reviewed and changed as appropriate. Additional legal and property resources will be required to enable the disposal site to be achieved within timescales;

(e)               notes that: future reports will list further properties to be added to the disposal programme.

Reason: Property disposal is necessary to enable the Council to achieve its objectives.

(Key decision – reference number 3295)