Decision details

That Cabinet:

1.    Notes that Appendix 1 is not for publication on the basis that it contains information relating to the financial or business affairs of any particular person (including the authority holding that information) as set out in paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended).

2.    Approves a capital budget of £1,802,000 in the General Fund (GF) to facilitate the redevelopment of the Lillie Road Site, to the planning and procurement stages.

3.    Delegates authority to the Strategic Director for the Economy in consultation with the Cabinet Member for the Economy authority to approve any drawdowns of the approved capital budget above £1,000,000.

4.    Notes that the remaining budget of £802,000 will be funded from a combination of capital receipts and borrowing and delegate final confirmation of funding to the Director of Finance in consultation with the Cabinet Member for the Finance and Commercial Services.

5.    Resolves that the area of land shown edged red on the plan at Appendix 2 of the report are no longer required for the purpose for which it is currently held (General Fund purposes).

6.    Approves the appropriation of the Lillie Road site shown edged red on the plans at Appendix 2 from the General Fund to the Housing Revenue Account subject to securing external valuations and approval of the Head of Asset Strategy and Portfolio (Borough Valuer).

7.    Delegates authority to the Director of Finance in consultation with the Head of Asset Strategy and Portfolio (Borough Valuer) and the Cabinet Member of Finance and Commercial Services to take the necessary steps, including securing external valuation of the site in order to facilitate the decision in 6 and consequently, re-assign the development budget and spend to the HRA from the General Fund.