Decision Maker: Executive, Council
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
To consider the report of the Director Finance.
The Executive received the report which sought approval for a budget of £55 million to attempt to acquire and make enhancements to City Centre property, which would further support the delivery of homes elsewhere in the city, as was part of the Liveable Exeter vision for the City.
Particular reference was made to:-
· purchase and subsequent investment would support the management and regeneration of the City as part of the Liveable Exeter vision and encourage visitors to the city;
· detailed discussions with HM Treasury, following which an agreement had been made, that the purchase would be suitable for the Liveable Exeter vision ; and
· all decisions on the use of the location and available options would be presented to Members for approval.
Members commented on the proposal and acknowledged that there was risk involved, but recognised that there was a unique opportunity to purchase key property in the city centre, which would have long term benefits for the wider city and support the aspirations and success of the Liveable Exeter vision.
RECOMMENDED that Council approves:-
(1) a budget of £55 million to enable the Council to enter negotiations to purchase property within the Liveable Exeter programme and provide a budget for enhancements to the property; and
(2) the appointment of an additional member of staff within Corporate Property to assist with the management of the portfolio.
Report author: David Hodgson
Publication date: 07/10/2021
Date of decision: 05/10/2021
Decided at meeting: 05/10/2021 - Executive