Sale of City Farm, Garsington
Decision Maker: City Executive Board (became Cabinet on 13 May 2019)
Decision status: Recommendations approved
Is Key decision?: Yes
Is subject to call in?: Yes
Sale of investment asset outside of the City
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.
Report author: Julia Castle
Publication date: 13/11/2015
Date of decision: 12/11/2015
Decided at meeting: 12/11/2015 - City Executive Board (became Cabinet on 13 May 2019)
Effective from: 18/11/2015