Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: September 12, 2024

Purpose:

Content: It was RESOLVED that cabinet:   2.1.1 Noted the annual report on the Council’s Commercial Property Investment Portfolio (contained in Exempt Appendix 1);   2.1.2 Noted the rationale provided and approved the reclassification of assets as set out in Appendix 2;   2.1.3 Noted the update in respect of the recommendations as approved by Cabinet in February 2024 (contained in exempt appendix 3);   2.1.4 Noted the preferred options in respect of the rest of the portfolio assets and associated asset summaries (contained within Exempt Appendix 4);   2.1.5 Noted the rationale and approved the ‘roadmap’ and recommended approach as set out in Exempt Appendix 6;   2.1.6 Delegated to the Director of Regeneration & Prosperity, subject to a business case and Treasury Management review and in consultation with the Chief Executive, the Leader, Chief Finance Officer (s151 Officer) and Monitoring Officer as well as the Portfolio Holders responsible for Investment Property and Finance, the Executive authority to decide upon actions and/or options to be taken on individual commercial property investment assets. Such actions and/or options to be in accordance with the approach as set out in Exempt Appendix to include; all relevant marketing, negotiations, legal transactions and any other related activity deemed appropriate; and   2.1.7 Delegated to the Director of Regeneration & Prosperity, in consultation with the Chief Finance Officer (s151 officer) and Portfolio Holder for Finance, Executive authority to draw down funding from the relevant reserves to procure, commission and other related activity deemed necessary to support the above