Issue - meetings

Property Growth Fund - Project Overview

Meeting: 05/06/2018 - Property Growth Fund Sub-Committee (Item 5)

Property Growth Fund - Project Overview

To consider the addition of potential sites to the Property Growth Fund.

Additional documents:

Minutes:

The Sub-Committee considered a report of the Director of Economy the purpose of which was to bring members up to date with the Property Growth Fund programme and to seek approval for the use of the delegated authority of the Director of Economy to incur costs in working up projects.

 

Alternatives considered:

 

The Council was not required to proceed with any or all of the projects that were presented in the report. To do nothing would require no expenditure, nor expose the Council to the risks of property investments. However, the benefits of those investments would not be achieved.

 

Decision:

 

1.    The inclusion into the programme of the potential acquisition of Central Retail Park be approved and the Director of Economy be authorised to approve expenditure to undertake due diligence in accordance with the powers delegated to him by the Property Growth Fund Sub-Committee.

 

2.    The inclusion into the programme of the potential development of the Kirkholt Health Centre be approved and the Director of Economy be authorised to approve expenditure to undertake due diligence in accordance with the powers delegated to him by the Property Growth Fund Sub-Committee.

 

3.    The status of the remainder of the Property Growth Fund programme, as detailed in the Director of Economy’s report be noted.

 

Reasons for the recommendation:

 

The recommendations were presented to enable appropriate due diligence to be undertaken in respect of the potential acquisition of Central Retail Park and the development of Kirkholt Health Centre and to report progress with regard to the use of the Property Growth Fund.