The Council has an opportunity to purchase the long leasehold interest in The Old School, Gloucester Green.

Exemption and Urgency:

This decision is published under the urgency procedures to meet external commercial deadlines.

The Chair of the Scrutiny Committee has been consulted and has agreed to the issue being considered without giving 28 days public notice having had regard to the urgency of the report.

The Director of Regeneration & Housing submitted a report requesting approval for the principle of acquiring the long leasehold interest in The Old School, Gloucester Green.

Cllr Price presented the report and recommended its approval to the Board.  He thanked the Major Projects and Development Surveyor for his work on the

project.

The City Executive Board resolved to:

1.     Approve the acquisition of the long leasehold interest in The Old School, Gloucester Green providing the Council’s investment portfolio with additional income of £58,000 per annum, and make a recommendation to Council to increase the budget within the Council’s capital programme by the requisite amount in 2015/16.