Issue details

Acquisition of Freehold Investment Property In Peterborough

 

 

The information contained with the Appendix 1 (the exempt annex) is NOT FOR PUBLICATION in accordance with paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972.  This is because the information is considered to be commercially confidential and further, subject to a confidentiality clause. The public interest test has been applied to the exempt information and it is considered that the need to retain the information as exempt at this stage outweighs the public interest in disclosing it.

 

Urgency, Special Urgency and Suspension of call-in procedures have been invoked in relation to this decision, as set out in the Council’s constitution at Part 4, Section 7(6), Section 7 (7), and Section 8 (10.22) respectively. This is with the agreement of the Chairman of the Growth, Environment, and Resources Scrutiny Committee and the Monitoring Officer. The decision is urgent due to the deadlines agreed with the purchaser in this open market situation of the 31 January 2017. The suspension of call-in has been granted as a delay in the implementation of the decision would significantly prejudice the Council’s interest in contracting within the agreed timescales.

 

 

The Cabinet Member:

 

  1. Approved the purchase of the freehold of the property which is subject to a lease to a third party who are in occupation, as set out in the exempt annex; and

 

  1. Delegated authority to the Corporate Director of Growth and Regeneration to approve the terms of the purchase and proceed to contract in consultation with the Cabinet Member for Resources.

 

Decision type: Key

Decision status: Recommendations Approved

Wards affected: East;

Notice of proposed decision first published: 02/02/2017

This decision will be taken under urgency procedures.

Reason for urgency:
Urgency, Special Urgency and Suspension of call-in procedures have been invoked in relation to this decision, as set out in the Council’s constitution at Part 4, Section 7(6), Section 7 (7), and Section 8 (10.22) respectively. This is with the agreement of the Chairman of the Growth, Environment, and Resources Scrutiny Committee and the Monitoring Officer. The decision is urgent due to the deadlines agreed with the purchaser in this open market situation of the 31 January 2017. The suspension of call-in has been granted as a delay in the implementation of the decision would significantly prejudice the Council’s interest in contracting within the agreed timescales.

Anticipated restriction: Part exempt  - View reasons

Explanation of anticipated restriction:
The exempt annex is NOT FOR PUBLICATION by reason of paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972. This is because the information is considered to be commercially confidential until such a point that the transaction is complete and information can be disclosed. To disclose this could risk the Council putting its agreed terms for the purchase in the public domain in breach of the terms of the agreed confidentiality clause and as a consequence the transaction at risk as other interested parties may be able to equal or overbid. The public interest test has been applied to the exempt information and it is considered that the need to retain the information as exempt at this stage outweighs the public interest in disclosing it.

Decision due: 2 Mar 2017 by Cabinet Member for Resources

Lead member: Cabinet Member for Resources

Lead director: Executive Director Place and Economy

Department: Corporate Services

Contact: Jane McDaid, Head of Peterborough Property Services Jane McDaid 01733 384535 Email: jane.mcdaid@peterborough.gov.uk Email: jane.mcdaid@peterborough.gov.uk.

Relevant Scrutiny Committee: Growth, Environment and Resources Scrutiny Committee

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