Issue - meetings

Having considered a confidential officer report, and a presentation by the Cabinet Member for Housing, Councillor Paul Bell, the Mayor and Cabinet for reasons set out in the report by a 9-0:

RESOLVBED that:

(1) the acquisition by the Council pursuant to its powers under Section 120(1)(a) of the Local Government Act 1972 and/or Section 1 of the Localism Act 2011 of a portfolio currently comprising 120 residential properties from Hyde Housing Association for a maximum purchase price, including fees and other acquisition costs, of a stated value be approved;

(2) the acquisition be dealt with in tranches and authority be delegated to the Acting Chief Finance Officer, in consultation with the Executive Director for Customer Services, Assistant Director Regeneration and Place (Interim) to agree any changes to the numbers and location of properties in the portfolio delivered in later tranches as referred to with the objective of maximising the number of Lewisham properties acquired, subject to the total acquisition costs not exceeding the stated value;£45.7m;

(3) authority be delegated to the Acting Chief Finance Officer to agree the final funding arrangements for the acquisition on the basis set out;

(4) authority be delegated to the Acting Chief Finance Officer, in consultation with the Executive Director for Customer Services, Assistant Director Regeneration and Place (Interim) and the Head of Law, to agree the final terms of the acquisition and all associated documentation;

(5) the proposals to acquire the properties for the use set out be approved and authority be delegated to the Executive Director for Customer Services to agree the final arrangements; and

(6)  Ashmore Financial Limited be engaged to act on the Council’s behalf on the terms set out, for fees not exceeding 0.5% of the purchase price.

The meeting closed at 7:30pm