Issue - meetings

Attached for consideration as part of the call-in on this item, is the Part 2 Portfolio report.

The report should be read in conjunction with the Portfolio report attached at Appendix 1 to the Call-In report on the Part 1 agenda.

(This document contains exempt information as defined in Paragraph 3 (information relating to the financial or business affairs of any particular person (including the authority holding that information)) of Schedule 12A to the Local Government Act 1972 as amended).

See item 3.

Councillor Levy thanked everyone for attending this meeting.

Attached for consideration as part of the call-in on this item, is the Part 2 Cabinet report considered as part of the decision made by Cabinet on 9 May 2017.

The report should be read in conjunction with the Cabinet report attached at Appendix 1 to the Call-In report on the Part 1 agenda.

(This document contains exempt information as defined in Paragraph 3 (information relating to the financial or business affairs of any particular person (including the authority holding that information)) of Schedule 12A to the Local Government Act 1972 as amended).

See item 4

Councillor Levy thanked everyone for attending this meeting.

A report from the Executive Director of Regeneration and Environment will be circulated as soon as possible. This should be read in conjunction with Report No.263, agenda part one refers. (Key decision – reference number 4442)

(Report No.264)

TO FOLLOW

(This document contains exempt information as defined in Paragraph 3 (information relating to the financial or business affairs of any particular person – including the authority holding that information) of Schedule 12A to the Local Government Act 1972, as amended)

Councillor Doug Taylor (Leader of the Council) introduced the report of the Executive Director of Regeneration and Environment (No.264).

NOTED

1.               That Report No.263 also referred as detailed in Minute No.6 above.

2.               Members’ questions were sought on the recommendations set out in the report and a full and detailed discussion followed on all aspects of the proposed land acquisition.

3.               The current terms on which the land was to be acquired and the planning restrictions in place with regard to designated Strategic Industrial Land. Members noted the on-going discussions that were currently taking place with regard to the potential future commercial and residential uses of the sites in question, as set out in the report. Members were advised of the terms of the purchase based on existing uses and the valuations which had been carried out in support of the proposed purchase price. The potential future financial implications for the Council were discussed, as set out in the report.

4.               The detail of the valuations and purchase report undertaken as set out in section 3.6 of the report. The recommended purchase price reflected the value of existing use as industrial, considering all current planning permissions. Councillor Sitkin emphasised the prudent approach that was being taken and, reiterated the potential implications of the on-going discussions with the GLA in moving forward with the future designated use of the sites in question.

5.               Members highlighted the need for a holistic approach to the Meridian Water development to be taken. It was reiterated that the purchase was based on existing designated use and the timeframes for the overall development were outlined. The long-term aspirations were highlighted.

6.               The importance of the Council having control over the future potential uses of the sites in question to support the overall aspirations of the Meridian Water development. The financial implications for the Council would be positive in considering the range of potential future uses of the land. Members were advised of the potential future uses of the sites in question by the current Seller should the Council not proceed with the acquisition. This could not only have a negative impact on the overall Meridian Water development proposals but would also potentially have a future financial impact on the value of the land.

7.               James Rolfe (Executive Director of Finance, Resources and Customer Services) outlined the detailed revenue and capital financial implications for the Council in proceeding with the land acquisition which would be within the Council’s prudential borrowing thresholds. The issue of potential meanwhile income was also addressed. Members discussed the annual revenue income predictions of both sites and the benefits that this could present for the Council. It was anticipated that there would be no adverse impact on the Council’s revenue position, as detailed in the report.

8.               That following the previous deferral of the decision from the Cabinet meeting on 26 April 2017, further due diligence work had been undertaken as requested by Members. Financial due diligence was ongoing to confirm the overall  ...  view the full minutes text for item 13