The Cabinet resolved to:
- Agree that, if the option of selling
the asset directly from administration to the preferred third-party
bidder is more economically advantageous to the Council than
purchasing the asset, the Council should step aside to allow that
sale to occur.
- Agree that, if a sale directly to
the preferred third-party bidder cannot be completed within a
timely fashion the Council should complete the acquisition of the
hotel asset.
- Delegate authority to the Executive
Director of Corporate Services, in consultation with the Cabinet
Member for Finance and Corporate Governance and Director of Legal
and Governance, to take necessary actions to achieve the most
economically advantageous outcome for the Council, in line with the
above recommendations (if approved) and the Cabinet’s
previous decisions in relation to this matter, which are referred
to in section 11 of this report.
The report can be found at the bottom of the
page