Agenda and minutes
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Declarations of Interest
To remind Members of the need to record the existence and nature of any personal, disclosable pecuniary or other registrable interests in items on the agenda, in accordance with the Members’ Code of Conduct.
There were no declarations of interest received.
Exclusion of Press and Public
RECOMMENDATION: That members of the press and public be excluded from the meeting during consideration of the following items as it is likely that there would be disclosure of exempt information of the description contained in the paragraphs of Schedule 12A of the Local Government Act 1972 specified in brackets in the heading of each item. Rule 8.10.4 of the Constitution refers.
RESOLVED that members of the press and public be excluded from the meeting for the under-mentioned item of business on the grounds that it involves the likely disclosure of exempt information as contained in Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972, as amended by the Local Government (Access to Information)(Variation) Order 2006. Rule 8.10.4 of the Constitution also refers.
Chippenham 79, Bath Road, Wiltshire SN14 0AT (Urgent Item)
(Paragraph 3 – information relating to financial/business affairs of particular person)
Purpose: To seek approval for a maximum bid price for the acquisition of the above property
The Executive considered a report (Agenda Item 4) concerning approval to increase the maximum bid price for the acquisition of Chippenham 79, Bath Road, Wiltshire SN14 0AT.
Richard Turner explained that following discussions with the vendor’s agent it had been indicated that the Council would need to increase the maximum bid price for this property in order to remain competitive in securing this property. However, the key issue for consideration was around the ungeared Internal Rate of Return (IRR) figure and whether that would be outside the principles of the Property Investment Strategy. The Strategy included the following core principle ‘Asset level internal rate of return (IRR) averaging not less than 5.0%pa over an assumed 5 year hold period’. It had therefore been necessary to refer the decision to the Executive as a matter of urgency as final bids needed to be submitted by 4pm on 21st June 2018.
RESOLVED that the recommendations in the exempt report be agreed.
Reason for the decision: as outlined in the exempt report.
Other options considered: as outlined in the exempt report.