Purpose

The Cabinet Member for Finance, Legal and Corporate
Governance:
 
1.    
Approved the disposal of freehold farmland forming part of the
Newborough rural estate on the terms set out in this
report and exempt Appendix.
 
2.    
Delegated authority to the Executive Director of Corporate Services
and Director of Legal and Governance, in consultation with the
Cabinet Member for Finance and Corporate Governance to take all
necessary steps including agreeing final terms and entering into
all necessary agreements to facilitate the decision.

Reasons for the decision

The disposal is required to help deliver the Council’s Capital Strategy and to use the capital receipt to reduce borrowing. The disposal land value is as Recommended in Exempt Appendix 2.

Alternative options considered

The Council could choose to retain the farm and hold as an investment however investment would be required before letting and it would not help the Council achieve its Capital Strategy. Thereturn on the capital employed does not make financial sense.