Issue - meetings

(Reason: LGA 1972 - Sch 12A Paragraph 3 – Financial or business affairs of any particular person)

The report provided an update in respect of the Gibson Building

(Reasons: LGA 1972 – Sch 12A Paragraph 3 – Financial or business affairs of any particular person)

(Report of the Interim Chief Executive)

Consideration was given to the proposals to release the restrictive covenants on the Council’s Gibson site Title. 

Cabinet had due regard to the financial and value for money considerations and legal implications and recognised that the proposals supported the Council’s corporate priority to provide efficient services for all residents, whilst maintaining an effective Council.

RESOLVED: That

(1)    a payment of £400,000 be made to Kent County Council for their agreement to remove the covenants affecting the Gibson site, as far as they benefitted Kent County Council and the remaining land held by Kent County Council at Kings Hill;

(2)    the costs of any VAT payable on the £400,000 due to Kent County Council be met by the Borough Council;

(3)    the costs of SDLT and legal fees be met by the Borough Council as set out in the report;

(4)    the taking out of indemnity insurance and its cost, be approved; and

(5)    £400,000 + VAT be allocated from the Budget Stabilisation Reserve to meet the costs associated with completing the matter.

(Reasons: LGA 1972 – Sch 12A Paragraph 3 – Financial or business affairs of any particular person)

(Decision Notice: D240042CAB)

Consideration was given to the proposals to release the restrictive covenants on the Council’s Gibson site Title. 

Cabinet had due regard to the financial and value for money considerations and legal implications and recognised that the proposals supported the Council’s corporate priority to provide efficient services for all residents, whilst maintaining an effective Council.

RESOLVED: That the proposals set out in the exempt report, be agreed.