Decision Maker: Eastbourne Borough Council Cabinet
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: Yes
Update on the Council’s asset investments.
(1) To agree in principle to the transfer of the freehold of the Royal Hippodrome Theatre to The Royal Hippodrome Theatre Eastbourne CIC (company number 09353373) and in principle to the transfer of Langney Playing Fields to Acorns Charitable Trust.
(2) To delegate authority to the Director of Regeneration and Planning, in consultation with the Portfolio Holder, any other Cabinet member who indicates an interest and Chief Finance Officer to agree the final disposal terms subject to:
(i) a red book valuation undertaken by a RICS qualified Person for both assets and
(ii) further legal due diligence and exploration of the potential for including restrictive covenants controlling the future use of the properties and overage clauses enabling the Council to share in any future increase in value in the properties realised after the properties have been sold. The scope of the delegation to the Director to include the potential for disposal at an under value in accordance with circular 06 of 2003 where it is considered that this will help to secure the promotion or improvement of the economic, social or environmental well-being of the Council’s area.
(3) To authorise the Director of Regeneration and Planning, in consultation with the Portfolio Holder, any other Cabinet member who indicates an interest and Chief Finance Officer to undertake all actions required to complete the disposal of the properties above including authorising completion of legal documentation.
(4) To note that a further report will be submitted to Cabinet in the Autumn of 2019 setting out the Council’s approach and policy towards community assets.
Report author: Ian Fitzpatrick
Publication date: 06/06/2019
Date of decision: 05/06/2019
Decided at meeting: 05/06/2019 - Eastbourne Borough Council Cabinet
Effective from: 14/06/2019