Issue - meetings

That:

1)        agreement be given to the acquisition of the town centre properties in line with the figures identified within the report;

2)        any further related and subsidiary decisions if required to complete the transaction be delegated to the Chief Executive, in conjunction with the Leader, Executive Member for Regeneration and Executive Member for Finance; and

3)        additional capital budget be allocated in line with the costs identified in the report.

The Executive considered a report relating to the purchase of properties in Wokingham Town to enable the Council to implement improvements to the regeneration proposals in line with the regeneration objectives.

The Executive Member for Planning and Regeneration informed the meeting that he was seeking approval to amend the previously agreed decision, recommendation 1 and 2 of the report, and was asking for additional capital to be allocated from the regeneration budget in line with the costs identified in the exempt report.

Councillor McGhee-Sumner requested reassurance that although there was an upper limit stated in the report it was anticipated that all that money would not be required as he was concerned that the price of the property had increased.  Councillor Ashwell responded that he was convinced that the additional capital would provide the headroom required and he was confident that all the money would not be required.

It was highlighted that the regeneration project not only benefited Wokingham Town but the Borough as a whole as the lessons learnt from this project could be applied to other parts of the Borough when opportunities arose.  In addition the better shopping facilities in Wokingham were likely to attract people from across the Borough and the additional income generated by these facilities would have a positive impact on the Council’s cost pressures.

The Leader of Council reiterated that he did not expect any further requests for additional funding for this item to come forward.

RESOLVED That:

1)        agreement be given to the acquisition of the town centre properties in line with the figures identified within the report;

2)        any further related and subsidiary decisions if required to complete the transaction be delegated to the Chief Executive, in conjunction with the Leader, Executive Member for Regeneration and Executive Member for Finance; and

3)        additional capital budget be allocated in line with the costs identified in the report.