Issue - decisions

Date of Decision:

26 June 2018

Decision Maker:

(Including Job Title)

Damien Wilson, Strategic Director of Regeneration and Environment

Judith Badger, Strategic Director of Finance and Customer Services

Specific Delegation:

(If any)

Delegated authority is sought further to:-

·      Minute 46(1) which agreed that the Strategic Director of Regeneration and Environment be authorised to agree terms to acquire land at Old Colliery Way, Beighton Link, Rotherham and to enter into a development agreement with J F Finnegan Ltd, and

·      Minute 46(2) which agreed that, subject to an assessment of the financial viability of the proposed final terms with J F Finnegan and formal approval of the JESSICA funding bid, the funding for the purchase be taken from the £5m Growth Fund which was approved as part of the Capital Strategy 2017-2022

Brief Description of Decision:

To approve the purchase of Beighton Link and the JESSICA loan.

Reasons for the Decision:

Financial viability has been assessed and the proposed terms for the loan and purchase are acceptable.

Details of alternative options considered and rejected:

Withdraw from the purchase

This would result in the Council not achieving the revenue income expected from the project and not achieving the benefits set out in the report to Cabinet in September 2017. An alternative purchase could have been considered but as detailed in the Cabinet report the Council has taken independent professional advice on the number of options and the purchase of property at Beighton Link was identified as the most beneficial option.

Proceed with the transaction without the JESSICA loan

This would result in the proposed rent guarantee fund not being established and increase the financial risk to the Council

Conflicts of interest declared by any Executive Member consulted by the decision maker which relates to the decision:

No conflicts of interest

Dispensations Granted:

(If any)

None

Reports or parts of reports considered

Acquisition of property at Old Colliery Way, Beighton Link