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INVESTMENT IN TOWN CENTRE

 

 

Meeting: 15/07/2019 - Executive (Item 7.)

7. INVESTMENT IN TOWN CENTRE

(This item to be considered in private by virtue of Paragraph 3 of Schedule 12a of the Local Government Act 1972 as the report contains information relating to the financial or business affairs of any particular person (including the authority holding that information))

 

It is considered on balance that the public interest would not be served by publishing the information as it could prejudice the proposed investment.

 

Notification has been given on the 10 June 2019 that this item was to be considered in private and no representations have been received in response to this notification.

 

Additional documents:

Decision:

The Executive resolved as follows:

 

1.      To exclude the public and press by virtue of Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972.

 

  1. To approve the purchase of the Houndshill Shopping Centre subject to the financial limits set out in Appendix 7a, to the Executive report. The purchase will be either of the buildings or the purchase of the company holding the Houndshill Shopping Centre buildings, and to delegate that decision to the Chief Executive after consultation with the Leader of the Council.

 

  1. To delegate authority to the Chief Executive, after consultation with the Leader of the Council, to finalise the transaction when all due diligence has been completed, within the financial limits outlined in this report.

 

  1. To authorise the Head of Legal to prepare legal documentation and enter into appropriate documents as necessary to complete the transaction after due diligence is completed.

 

  1. To accept novation of any contracts as necessary and to enter into any temporary contracts as required for the smooth operation of the shopping centre and to allow time for the relevant procurement process to take place.

 

  1. To withdraw the loan proposal to DPK approved under EX14/2019, as this is no longer relevant.

 

  1. To delegate to the Director of Communications and Regeneration to undertake an exercise to source and appoint a management company/ies for the shopping centre, and equity partner/s for the shopping centre as appropriate.  A Chief Officer Decision will be reported in due course.