The decision will enable the completion of the sale of the land. This will deliver a capital receipt to the Council.

The decision is to enter into the contracts and agreements to confirm the sale of the land.  The details of the terms are commercially sensitive and as such are exempt under Part 15.4 (c ) b of the constitution. Confirmation has been received that the proposal meets the requirements of S123 of the Local Government Act 1972. A legal report has also confirmed the terms of the sale.

The detailed terms of the sale of the land have now been agreed and contract drafted. The agreement of the detailed drafting of these terms was delegated by the Cabinet and this decision records their agreement and enables the necessary documents for the sale to be entered into.

The other option available to the Council was not to agree terms and complete the sale. This would prevent the Council from achieving the capital receipt. In addition to delay agreeing terms would increase the risk that new or changed requirements could be added that would make the deal less attractive.