Issue - meetings

(Finance & Economic Development Portfolio Holder) To receive a report form the Cabinet recommending a variation in the Capital Programme to acquire the leasehold interests in Council owned commercial property.

Cllr J Philip, the Finance & Economic Development Portfolio Holder, presented a report requesting a variation of the Council’s Capital Programme to acquire leasehold interests in Council-owned commercial property.

Cllr J Philip reported that at its meeting on 30 May 2023, the Cabinet agreed to acquire a series of long leasehold interests in a number of properties, which would provide regeneration and employment opportunities as some of these properties had been vacant for a number of years. However, the acquisition of these leaseholds would exceed the available capital allocation by £1,500,000. Therefore, the Council was requested to increase the Capital Programme by £1,500,000 to allow the leaseholds of these properties to be acquired.

Cllr J Philip moved one amendment to the recommendation to remove the specific reference to properties in Cartersfield Road.

            Resolved:

(1)        That the Capital Programme be varied by £1,500,000 to allow the acquisition of the long leasehold interests in a number of properties.