Decision details

Reason for urgency: The matter arose after publication of the work programme giving 28 days' notice and if a decision is not made at this meeting, there would be a delay in addressing the matter that could be detrimental. The report is key due to the expenditure and exempt due to it containing information about the financial and business affairs of the authority. The Chairman of the Overview and Scrutiny Committee has been notified and has agreed to the item being exempt having regard to the report containing information relating to the financial and business affairs of the council

The Chief Finance Officer submitted a report to advise Executive on a strategic property acquisition in Banbury.

Resolved

(1)          That the report be noted.

(2)          As set out in the exempt minutes.

(3)          That the commissioning of external services including legal and cost consultants to carry out the next stage of due diligence process for this project be supported.

(4)          That delegated authority be given to the Chief Finance Officer in consultation with the Commercial Director and the Lead Member for Estates and the Economy to agree Heads of Terms for the acquisition as proposed in section 3.9 of the exempt report (exempt annex to the Minutes as set out in the Minute Book) and, subject to full council approving resolution (5) to complete the acquisition.

(5)          As set out in the exempt minutes.

Reasons

As set out in the exempt minutes.

Alternative options

As set out in the exempt minutes.