Purpose

Report

Content

Cabinet agreed to:
 
-      
Accept on a
“Subject to Contract” basis the offer for the purchase
of the freehold interest in land at the former Llantarnam
Comprehensive School site to the preferred bidder offering the
following sum of £6,250,000 (six million two hundred and
fifty thousand) payable as follows:
 

£30,000 on exchange of contracts
£3,110,000 on legal completion of the sale (together with
the deposit this amounts to approximately 50% of the total
price);
£1,555,000 (approximately 25%) on the first anniversary of
legal completion of the sale;
£1,555,000 (approximately 25%) on the second anniversary
of legal completion of the sale.

 

-      
Accept the offer to
demolish the comprehensive school buildings as soon as possible
after exchange of contracts on the understanding that this is a
cost for the buyer in any event but if the disposal does not
proceed to completion the Council will then be obliged to reimburse
the buyer.

 

-      
Authorise the TCBC Legal and Asset Management Services to
negotiate detailed contract terms for the disposal of land at the
former Llantarnam Comprehensive School site and early demolition of
the school buildings, and manage the conveyancing process either
internally or through external solicitors.

 

-      
Grant specific
delegated authority to the Deputy Leader, as executive portfolio
holder for Resources and Governance, to determine any issues
pertaining to the disposal 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.