The Executive Director of Regeneration and Housing submitted a report to the City Executive Board on 17 December 2015 requesting approval for the principle of acquiring the long leasehold interest in The Old School, Gloucester Green.

The proposed acquisition price and the positive impact on the return profile of the investment portfolio is set out in the confidential Appendix 1 circulated with the City Executive Board papers.

The relevant draft minute of the City Executive Board meeting is attached later in the agenda.

The Board Member will move the recommendations.

Recommendation

The City Executive Board recommends Council to increase the budget within the Council’s capital programme by the requisite amount in 2015/16.

Council considered a report to the City Executive Board on 17 December 2015 seeking approval for the principle of acquiring the long leasehold interest in The Old School, Gloucester Green, including the confidential Appendix 1 circulated with the City Executive Board papers, and the relevant draft minute of the City Executive Board meeting.

Council resolved to:

increase the budget within the Council’s capital programme by the requisite amount in 2015/16.

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

Recommendations: That the City Executive Board resolves 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.

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.