Decision Maker: The Deputy Leader and Cabinet Member for Business Transformation and Property
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
This report seeks approval for the purchase of land at a strategic site in Grantham town centre. Details of the proposed acquisition are included in the exempt appendices to this report. The appendices to this report are exempt under paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended) because they contain information that relates to the financial or business affairs of an individual or organisation.
That approval is granted to purchase the land in Grantham as detailed in Appendix 1 to report PIP0001 in the sum of £405,000 for the freehold acquisition of the identified site.
Please note that appendix 1 contains exempt information under paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended) because it contains information that relates to the financial or business affairs of an individual or organisation.
The Property which is the subject of the offer will enable the Council to secure land in a strategic location with the potential to regenerate brownfield land, improve the street scene and pursue a development opportunity in the centre of Grantham.
It is proposed that the Property will be purchased using funds from the Council’s investment funding that was approved for 2019/20 and then internal mechanisms are actioned to enable the site to be developed.
The Council has allocated a capital sum of £10m to be funded from borrowing which is to be used to fund commercial regeneration initiatives. The use and authorisation of the £10m is set out in the Property Investment Policy that was approved by Council on 1 March 2019. The business case for the proposed land acquisition is contained at Appendix 1.
Publication date: 05/06/2019
Date of decision: 04/06/2019
Effective from: 13/06/2019