Background Information

The report provides an update on the progress of a number of identified opportunities to maintain or improve the income stream from the Council’s property investment portfolio and seeks approval for an increased budget requirement.  The Scrutiny Committee asked for this item to be included on the agenda for pre-decision scrutiny.

Why is it on the agenda?

The City Executive Board on 19 September will be asked to:

1. Note the progress on the various schemes that had been identified and had budget approval to the value of £10,300,000. 

2.  Recommend to Council an increase of £4,635,000 to the allocated budget to deliver specific development opportunities.

3. Authorise entering into exclusive negotiations to seek financially viable agreements to lease with two identified commercial tenants, subject to Council budgetary approval.

4. Enter into agreements for lease at rental levels above the threshold of £125,000 per annum in line with the constitution.

5. Delegate to the Interim Assistant Chief Executive – Regeneration and Economy, in consultation with the Head of Financial Services, the authority to alter the terms of the agreements to lease on the basis that they continue to represent best value during negotiations.

Who has been invited to comment?

·         Fiona Piercy, Assistant Chief Executive – Regeneration & Economy;

·         Nick Twigg, Major Projects and Development Manager.