The subject of the decision:

This report sought approval of the principal of acquiring commercial investment properties to generate income for the Council.

Alternative options considered:

None

The reason for the decision:

The Council’s Commercial vision as set out in the Commercial Strategy was to be self-sufficient by 2020/21and not rely on Government grant to support the budget.  Cabinet was satisfied that the proposals outlined in the report supported the Council’s vision.

THE DECISION:

That Cabinet approves and recommends to Council that:-

(1)     a total Commercial Investment Portfolio budget of £40m is approved in principal and included in the Capital Programme;

(2)     £10,000 is allocated to develop the acquisition strategy funded from the Income Generating Reserves as detailed in paragraph 2.9 of the report;

(3)     the Acquisition Strategy is reported back to Cabinet and Council for approval; and

(4)     that a decision on whether to proceed with the Commercial Property Investment Portfolio be made at this time and the proposed decision making process for commercial investments be approved by Cabinet.