Additional funding for feasibility studies for investment property development opportunities
To update CEB on feasibility studies in relation to the investment property development opportunities and seek additional funding commitment to development stage.
A number of investment properties were identified by the City Council as requiring capital expenditure to carry out development work. Initial feasibility studies were undertaken on each to support the draft budget request of £10.3m. Authority was sought from the Head of Financial Services in 2015 and details were included within OCC’s Budget Report in December 2015.
Subsequently detailed feasibility has been undertaken and the scope of work enlarged to increase revenue projections. As a result the projects require an increased capital budget provision over that originally included within the 2017/2018 Budget.
Decision type: Key
Reason Key: Expenditure, income or savings of £500,000 or greater;
Decision status: Recommendations Approved
Wards affected: (All Wards);
Notice of proposed decision first published: 14/06/2017
Anticipated restriction: Part exempt - View reasons
Decision due: 19 Sep 2017 by City Executive Board (became Cabinet on 13 May 2019)
Decision due: 2 Oct 2017 by Council
Lead member: Finance, Asset Management
Department: Economic Development
Contact: Nick Twigg, Major Projects & Development Manager Email: firstname.lastname@example.org Tel: 01865 25 2294.
Reason date could change: Confirmed
Is the date subject to change: No
- 30/10/2017 - Investment in existing property portfolio
- 04/09/2017 - Finance Panel (Panel of the Scrutiny Committee) Additional funding for feasibility studies for investment property development opportunities 04/09/2017
- 19/09/2017 - City Executive Board (became Cabinet on 13 May 2019) Investment in Existing Property Portfolio 19/09/2017
- 19/09/2017 - City Executive Board (became Cabinet on 13 May 2019) Investment in Existing Property Portfolio - Exempt Appendices 5,7,8 and 9 19/09/2017
- 02/10/2017 - Council Investment in existing property portfolio 02/10/2017