To consider a report of the Executive Member for Investment.

NOTE: A related presentation will be considered in Part II of this agenda.

1. That the detail of the proposed acquisition of a commercial property in Trafford (“the Site”) as set out in the presentation made to the Executive Meeting on 26 June 2017 be noted.

2. That approval be given to the principle of the acquisition of the Site for investment purposes.

3. That it be noted that it may be appropriate for the acquisition to be made jointly with a third party and that approval be given to the principle of the acquisition by the council acting in partnership with a third party.

4. That it be noted that both (2) and (3) above are conditional upon a satisfactory business case (independently reviewed) and commercial terms being approved by the Executive Member for Investment in consultation with the Chief Executive and under advisement from the Chief Finance Officer.

5. That authority be delegated to the Executive Member for Investment in consultation with the Chief Executive, and under advisement from  the Director of Legal and Democratic Services and the Chief Finance Officer, to finalise the terms of the proposed acquisition and the terms of the partnering arrangement (if required) to support the acquisition.

6. That authority be delegated to the Director of Legal and Democratic Services in consultation with the Interim Corporate Lead – Property & Investment to agree the terms of and to enter into any documents required to implement the above recommendations.

The Executive Member for Investment submitted a report which sought approval for the Council to acquire a commercial property in Old Trafford, which had the potential for redevelopment. In connection with this item, the Executive received, in Part II of this meeting, a related presentation (Minute 117 refers) which identified the site in question and provided a summary of financial aspects of the proposal, the site’s development potential, and risk evaluation which had been undertaken or was planned. It was noted that further information would be made available to Members in due course.

          RESOLVED -

(1)     That the detail of the proposed acquisition of a commercial property in Trafford (“the Site”) as set out in the presentation made to the Executive Meeting on 26 June 2017 be noted.

(2)     That approval be given to the principle of the acquisition of the Site for investment purposes.

(3)     That it be noted that it may be appropriate for the acquisition to be made jointly with a third party and that approval be given to the principle of the acquisition by the council acting in partnership with a third party.

(4)     That it be noted that both (2) and (3) above are conditional upon a satisfactory business case (independently reviewed) and commercial terms being approved by the Executive Member for Investment in consultation with the Chief Executive and under advisement from the Chief Finance Officer.

(5)     That authority be delegated to the Executive Member for Investment in consultation with the Chief Executive, and under advisement from  the Director of Legal and Democratic Services and the Chief Finance Officer, to finalise the terms of the proposed acquisition and the terms of the partnering arrangement (if required) to support the acquisition.

(6)       That authority be delegated to the Director of Legal and Democratic Services in consultation with the Interim Corporate Lead – Property & Investment to agree the terms of and to enter into any documents required to implement the above recommendations.