The Asset & Enterprise Committee on 15 July 2014 resolved “That conditional contracts for the sale of the property are exchanged with the highest and most compliant bidder (Bid B), with the Council then negotiating to retain 5 units for revenue purposes.”

 A further report was presented to the Asset & Enterprise Committee on 17

September 2014 confirming that the Council’s solicitors had been instructed regarding the sale and negotiations had been undertaken to retain 5 units at a discount to current values.

A report was presented to Ordinary Council on 22 October 2014 relating

to the acquisition of the 5 units.

Council resolved

“1.          That delegated authority be given to the Acting Chief Executive to approve and enter into conditional contract on behalf of the Council relating to the acquisition of the 5 x 2 bedroom apartment units as set out in exempt Appendix A (Confidential) but such delegated authority shall be conditional upon best consideration relating to such acquisition and the connected disposal being reaffirmed to the satisfaction of the Section 151 Officer at the date of exchange of contracts by an independent RICS (Royal Institution of Chartered Surveyors) qualified surveyor.

2.           Members approve a virement from the Parking and Improvement

Scheme to address the reduction in the original capital receipt anticipated

for this sale”

Following agreement of the terms and approval of the Asset & Enterprise Committee and Ordinary Council to the proposed transactions, the original compliant bidder has sought to reduce their offer for the site. As a consequence the under bidders and the original bidder were asked to resubmit. The details of the original bids, the compliant bidders reduced the bid and the results from the most recent re bid exercise are set out in Appendix A (exempt within the report).

A motion was MOVED by Cllr Quirk and SECONDED by Cllr Sapwell to receive the recommendations set out in the report.

A vote was taken by show of hands and on the casting vote of the Chair it was RESOLVED:

1.            That delegated authority be given to the Chief Executive/Interim Chief Executive to approve and enter into conditional contracts with the party that has submitted the highest compliant and deliverable bid.

2.            That delegated authority was given to the Chief Executive/Interim Chief Executive to enter into an option agreement to acquire up to 5 residential apartments subject any exercise of the option being agreed by Council.

REASON FOR DECISON

To provide the Council with a capital receipt and potential future revenue stream, and with the opportunity to benefit from any capital appreciation of the assets.