Decision details

In accordance with Standing Order 56.1 (Special Urgency), the Chairman of the Overview and Budget Scrutiny Committee had agreed that the decisions on this item could not reasonably be deferred and therefore was not subject to call in.

The report was exempt as it contained information relating to the financial or business affairs of any particular person (including the authority holding that information).

Following the October Cabinet approval to proceed with a long leasehold interest, the DCLG issued a consultation on its proposed changes to Investment & Minimum Revenue Provision guidance. Having considered advice from officers, Members debated whether the uncertainty introduced by this consultation impacted so unfavourably on the outcome they intended to achieve that they wished to revisit their previous decisions and agreed that it did not.

RESOLVED:

It was agreed that:

1. Cabinet’s approval for Surrey County Council’s acquisition of a long leasehold interest as highlighted in the submitted report in accordance with the details outlined in that report be reaffirmed;

2.    Cabinet’s approval that Surrey County Council facilitates the regeneration by payments, as set out in the submitted report, was reaffirmed;

3.    That approval to agree appropriate contractual and financial arrangements be delegated to the Chief Property Officer, in consultation with the Leader, Director of Finance and the Director of Legal & Democratic Services, following the completion of all necessary due diligence and upon exchange of agreements to lease with the key pre-committed tenants and the rental guarantee.

Reasons for decisions

The proposed acquisition of the leasehold supports economic prosperity, one of Surrey County Council’s corporate priorities.

[In accordance with Standing Order 56.1 (Special Urgency), the Chairman of the Overview and Budget Scrutiny Committee has agreed that the decisions on this item cannot be reasonably deferred so this item is not subject to call in]