Issue - meetings

Report of the Interim Head of Property and Regeneration

RESOLVED –

1.         that the council seeks to acquire the property up to the approved maximum consideration plus ancillary costs of purchase, capped at the approved sum (subject to survey and valuation).

2.         that on completion of the acquisition the council enters into a sub sale to WM with a back to back completion or deferred completion of no more than 3 months from the date of acquisition to WM at the same purchase price as that paid to the vendor. That in the event that Heads of Terms for the onward sale are not agreed with WM before the council is required to exchange contracts with the vendor that the acquisition be reviewed.

3.         that a maximum grant (if required) up to the approved level be made to WM to assist them with purchase.

4.         that delegated authority to the Interim Head of Regeneration and Property to agree final purchase and onward disposal terms in consultation with the Portfolio Holder for Property prior to exchange of contracts for the acquisition.

Cabinet received a report of the Interim Head of Regeneration and Property about the relocation of Watford Mencap.  The report contained commercially sensitive information that could not be publicly disclosed at the present time.

The report was discussed.

RESOLVED –

1.         that the council seeks to acquire the property up to the approved maximum consideration plus ancillary costs of purchase, capped at the approved sum (subject to survey and valuation).

2.         that on completion of the acquisition the council enters into a sub sale to WM with a back to back completion or deferred completion of no more than 3 months from the date of acquisition to WM at the same purchase price as that paid to the vendor. That in the event that Heads of Terms for the onward sale are not agreed with WM before the council is required to exchange contracts with the vendor that the acquisition be reviewed.

3.         that a maximum grant (if required) up to the approved level be made to WM to assist them with purchase.

4.         that delegated authority to the Interim Head of Regeneration and Property to agree final purchase and onward disposal terms in consultation with the Portfolio Holder for Property prior to exchange of contracts for the acquisition.