Council and democracy
Home > Council and Democracy > Decision details
Decision Maker: Executive Councillor for Transformation
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
To make further investment in commercial property.
Matter for Decision: The Council’s
commercial property portfolio had consistently produced good rates of return
compared to Treasury Management investments over the past few years. This reflected
recent exceptionally low bank interest rates on cash investments and that the
Cambridge commercial property market had proved resilient. The Budget Setting
Report for 2015/16 recommended the allocation of £8m for investment in
commercial property to generate additional income of £400,000 p.a. from
2016/17. For the reasons set out in the report, it was recommended that the
funding available be invested directly in acquiring new property.
Decision of the Executive Councillor for Finance
and Resources
The Executive Councillor resolved that:
i.
The
Council allocates £8m for investment in acquiring commercial property, subject
to the 2015/16 Budget Setting Report being approved.
ii.
Authority
is delegated to the Head of Property Services to acquire commercial property up
to £8,515,000 (inclusive of acquisition costs) in consultation with the
Executive Councillor for Finance and Resources, the Chair and Opposition
Spokesperson for Strategy &
Resources Scrutiny Committee and the Head of Finance
Reasons for the
Decision: As set out in the officer’s report
Any alternative
options considered and rejected: As set out in the officer’s report
Scrutiny
Considerations:
The committee received a report from the Head of Property
Services.
The Scrutiny Committee considered the recommendations and endorsed them by 5 votes to 0.
The Executive Councillor approved the recommendation.
Conflicts of Interest Declared by the Executive Councillor (and any
Dispensations Granted):
Not applicable.
Update on Delegation:
15 June 2015. Decision taken to acquire
the Orchard Park Local Centre having undertaken the relevant consultation.
Publication date: 07/04/2015
Date of decision: 19/01/2015