Decision details

Disposal of part of Peterborough City Council rural estate – OCT23/CMDN/51

Decision Maker: Deputy Leader and Cabinet Member for Corporate Governance and Finance

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

The Cabinet Member for Finance, Legal and Corporate Governance:

 

1.     Approved the disposal of freehold farmland forming part of the Newborough rural estate on the terms set out in this report and exempt Appendix.

 

2.     Delegated authority to the Executive Director of Corporate Services and Director of Legal and Governance, in consultation with the Cabinet Member for Finance and Corporate Governance to take all necessary steps including agreeing final terms and entering into all necessary agreements to facilitate the decision.

Reasons for the decision:

ThedisposalisrequiredtohelpdelivertheCouncil’sCapitalStrategyandtouse thecapital receipttoreduceborrowing.Thedisposallandvalueisas RecommendedinExempt Appendix2.

Alternative options considered:

TheCouncilcouldchoosetoretainthefarmandholdas aninvestmenthoweverinvestment wouldbe requiredbeforelettinganditwouldnothelptheCouncilachieveitsCapital Strategy. Thereturn on thecapital employed doesnot makefinancial sense.

Publication date: 31/10/2023

Date of decision: 31/10/2023

Effective from: 04/11/2023

Accompanying Documents: