Issue - meetings

That:

1)        the target property be acquired in line with the details contained within Part 2 of the report;

2)        the additional costs be funded, as detailed in Part 2 of the report, from other sources and not from the Investment Portfolio;

3)        all income from this property be reported through the Investment Portfolio.

The Executive considered a report relating to the acquisition of a property within the Borough. 

The Executive Member for Finance and Housing introduced the report and informed the meeting that the property had been identified through the Investment Strategy process but the terms of the proposed acquisition did not align with the strict criteria for returns on investments.  As this was deemed a key property holding it was therefore proposed to ‘top-up’ the acquisition budget from outside of the Investment Strategy budget.