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1.     
That the acquisition of freehold interest of the one
half of the Newhampton Arts Centre currently in the ownership of
Wolverhampton College be approved.

 

2.     
That authority be delegated to the Cabinet Member
for Governance and
Equalities in consultation with the Director of Finance and the
Deputy Director of Assets, to approve the negotiated acquisition
and contract of the freehold interest of the one half of the
Newhampton Arts Centre currently in the ownership of Wolverhampton
College. This would be subject to  full
due diligence e.g. condition surveys etc to understand the
liabilities and risks to the Council.

 

3.     
That authority be delegated to the Cabinet Member
for Governance and Equalities in consultation with the Chief
Operating Officer and Deputy Director of Assets, to approve the
long-term lease / community asset transfer of the entire building
(subject to approval of the acquisition of the part owned by
Wolverhampton College) to the Newhampton Arts Centre.
 

4.     
That the current condition and reasons for acquiring
the building be noted.

 

5.     
That the progress with emergency work to allow
existing tenants to remain in the building be noted.

 

6.     
That it be noted that supplementary budget approval
was granted by Individual Executive Decision Notice in July
2023.