RESOLVED to approve the purchase of the property identified in Exempt Annexe 1 within its delegation limit of £10 million subject to:
1.1 A bid of up to £6,955, 000 to acquire the freehold, subject to satisfactory completion of the further evaluation work and due diligence referred to in this report.
1.2
To delegate to the Strategic Director (Sec 151) and the
Chief Executive, in consultation with the Deputy Leader and
Portfolio Holder for Finance, Assets and Commercial
Services:
i) The undertaking and signing off of the evaluation work and due diligence required as referred to in recommendation 2.1;
ii) The decision not to submit a bid or to withdraw a bid if already submitted, in the event that the evaluation work and/or due diligence is not satisfactory;
iii) The decision to accept a lower financial return (after internal borrowing costs) than required in Waverley’s investment criteria, if justified after evaluating the wider strategic and long term benefits of acquiring this site;
iv) To finance the acquisition as set out in this report;
v)
To delegate the
completion of legal matters and signing of
appropriate contracts to the Strategic Director (Sec
151) and the Chief Executive, in consultation with the Deputy
Leader and Portfolio Holder for Finance, Assets and Commercial
Services.