The Head of Housing and Property submitted a report which sought approval for the sale of City Farm, Garsington which is held as a General Fund investment asset.

Cllr Turner, Executive Board Member for Finance, Asset Management and Public Health presented the report.  He made the following points:

·         The property was a poor investment return for the Council

·         The property represented a significant financial liability to the Council with regard to property maintenance and if the Board chose not to divest the property it would be necessary to allocate funds from the capital programme

·         redevelopment of the site was unlikely but the sale contract would include a long-term or permanent clawback clause to ensure the Council benefitted from any future development.

The City Executive Board resolved to:

1.    approve the sale of City Farm on the basis of the valuation set out in Appendix 3; and

2.    delegate authority to the Executive Director for Regeneration and Housing, in consultation with the Executive Lead Member,  the Chief Executive, the Monitoring Officer and the s151 Officer, to vary those terms on condition that the revised terms continue to represent the best consideration reasonably obtainable.