Decision details

RESOLVED:

That Cabinet:

1.                  Agree that officers conduct further negotiations with Bidders A & B to seek maximisation of their bids, and that the results of these negotiations be reported to the Leader and the Cabinet Member for Finance & Business Services for their final decision.

2.                  Agree that should neither of the bidders proceed then the matter be reported back to Cabinet to consider further options

Reasons for decision

Cabinet considered the outcome of a recent marketing exercise undertaken in respect of the Belmore Allotments site and gave approval to negotiate with the two top bidders. The marketing exercise was undertaken to provide funding for the Council’s Capital Programme.

Alternative options considered and rejected

Cabinet could have decided to retain the site, which would have resulted in a significant capital shortfall for the funding of the Capital Programme.

Officer to action:

M McNamara, Planning and Community Services

Exempt Information

This report was included in Part II as it contained information relating to the financial or business affairs of any particular person (including the Authority holding that information) and the public interest in withholding the information outweighed the public interest in disclosing it (exempt information under paragraph 3 of Part 1 of Schedule 12A to the Local Government (Access to Information) Act 1985 as amended.