Issue - meetings

Report of Cabinet Member for Finance and Assets

RESOLVED THAT:

      i.        authority is delegated to the Executive Director for Finance, Assets & Regeneration, in consultation with the Deputy Leader and CabinetMember for Finance & Assets, to dispose of the freehold and head leasehold interests in Regent Arcade Shopping Centre for best consideration and upon such other terms as are deemed appropriate;

    ii.        the Executive Director for Finance, Assets & Regeneration is authorised, in consultation with Deputy Leader and Cabinet Member for Finance & Assets and the Director of One Legal, to prepare and conclude the necessary legal documentation to reflect the terms negotiated.

The Cabinet Member for Finance and Assets made clear that the recommendation is to dispose of the council’s investment in the Regent Arcade, the Regent Arcade itself, which it doesn’t own.  The council’s involvement in regeneration of the town centre is crucial, and this investment has reached the point where it is underperforming, hence the decision to sell and dispose of the freehold interest.  He said the report is self-explanatory.

A Member agreed that it is about investment and how it works for the council – this has been a good investment for CBC in the past but is becoming less and less so.  it is therefore the right time to make this key decision.

RESOLVED THAT:

      i.        authority is delegated to the Executive Director for Finance, Assets & Regeneration, in consultation with the Deputy Leader and CabinetMember for Finance & Assets, to dispose of the freehold and head leasehold interests in Regent Arcade Shopping Centre for best consideration and upon such other terms as are deemed appropriate;

    ii.        the Executive Director for Finance, Assets & Regeneration is authorised, in consultation with Deputy Leader and Cabinet Member for Finance & Assets and the Director of One Legal, to prepare and conclude the necessary legal documentation to reflect the terms negotiated.