The Director of Regeneration and Place presented the report which requested that the Director Finance and Business Improvement be given delegated authority to proceed with the purchase of a piece of land.  This was primarily on the basis that the Council’s development plans for the area in question required the acquisition of the piece of land, and this was an opportune moment to purchase it.

The Committee asked questions relating to the risk profile for the purchase, and to the make-up of the development that the Council was considering for the site.

RESOLVED: That the recommendations of the Director of Regeneration and Place be agreed as per the report, summarised as follows:

That delegated authority be granted to:

1.  The Director of Finance and business Improvement to:

a.  Finalise negotiations and take such steps and actions to acquire necessary consents,

b.  Spend the agreed amounts specified in the report for the activities specified;

2.  The Director of Finance and Business Improvement to approve the exchange of contracts to acquire the long leasehold interest referred to in recommendation 1 and to take such action and enter into such agreements and deeds as shall be required to complete the acquisition of the long leasehold interest transaction and to give effect to the recommendations specified in paragraph 1 above;

3.  The Head of Regeneration and Economic Development to carry out the necessary planning activities to deliver recommendation 1 and deliver the project.

Voting:  13 – For, 0 – Against, 2 - Abstentions