Purpose

To update Cabinet about progress with the
disposal of the Council’s freehold interest of the former
Country Hall site.

Content

Cabinet agreed:
 
-      
That following receipt
of revised bids, Cabinet accepts on a “Subject to
Contract” basis the offer for the purchase of its half share
of the freehold interest in the former County Hall site to the
preferred bidder offering the following sums depending on the
eventual affordable housing scenario, with full payment being made
on completion of sale.

 

Affordable Housing Percentage

Amount

Offered for Entire Site

TCBC Share

(50%)

20%

£5,148,000

£2,574,000

30%

£4,662,000

£2,331,000

 

-      
That authorisation be given to the TCBC Legal and Asset
Management Services to negotiate detailed contract terms for the
disposal of the former County Hall site and manage the conveyancing
process on behalf of both landowners.

 

-      
To grant specific
delegated authority to the Deputy Leader, as executive portfolio
holder for Resources and Governance, to determine any issues
pertaining to the disposal of TCBC’s half share of the former
County Hall site that may require further executive
approval.

 
REASON FOR DECISION:           
As set out in the report.
 
CONSULTATION:                         
As set out in the report.
 

MEMBERS’ INTERESTS:                        
None declared.