Decision details

The confidential report of the Chief was presented by the Executive Member (Resources), Councillor Peter Wilson.

Decision:

1.         Authorisation granted to proceed with the disposal of the freehold reversionary interest.

2.         To delegate authority to the Executive Member for Resources to agree any minor amendments to the terms of the proposed sale to include but not be limited to the inclusion of a clawback provision in the terms of sale.

3.         Authorisation granted to the Head of Governance to complete the documentation.

Reasons for recommendation(s)

1.         The sale of the freehold reversion will provide the company with greater control and security when making financial decisions.

2.         The sale of the freehold reversion will obviate any future need to collect rental for this property but will also result in a capital receipt for the Council. As a result of the company being able to purchase the freehold this may result in further economic growth and create further job opportunities.

3.         The sale of the freehold reversion will result in a capital receipt.

Alternative options considered and rejected

1.         A decision not to allow the company to purchase the freehold may result in them deciding to relocate to an alternative site resulting in approximately 110 job losses in Chorley Borough.

2.         If the freehold reversion is not sold to the company, the Council would not benefit from a capital receipt and future economic growth and further employment opportunities in this location.