Purpose

The Constitution authorises Officers to make decisions within the scope of their responsibilities, unless it is required to be made by a Portfolio Holder or Cabinet.

The Chief Operating Officer has exercised their delegated authority to use the Asset Management Plan (AMP) Reserve to support £340,000 investment in the refurbishment of the Mildenhall Bus Station (owned by West Suffolk Council).  Proceeding with Heads of Terms and Agreement for Lease for the completed project.

Decision

The Chief Operating Officer has made a decision, in consultation with the Portfolio Holder for Resources, to use the Asset Management Plan (AMP) Reserve of £340,000 to facilitate the required works including fees, utility works and contingency based on the tender submitted.

Reasons for the decision

Whilst the scheme will not achieve 1 per cent return, the scheme will deliver wider local and community benefits and the decision was made to progress the scheme.  Holding costs will also be removed by completing the project and entering into a commercial lease.

Alternative options considered

The scheme could pause until an alternative tenant is found willing to pay a minimum of £23,200 per annum, which would achieve 1 per cent return.  However, there is limited scope to secure a higher rental level and would additionally risk the loss of the tenant.