Decision type: Non-key

Decision status: Recommendations Approved

Notice of proposed decision first published: 06/01/2022

Decision due: 4 Jan 2022 by Director of Finance, Director of Regeneration and Culture

Contact: Richard Horniman, Director of Regeneration Email: richard_horniman@middlesbrough.gov.uk and Email: ian_wright@middlesbrough.gov.uk Email: Richard_Horniman@middlesbrough.gov.uk, Ian Wright Email: ian_wright@middlesbrough.gov.uk.

Delegated Authority relied upon: In line with the Executive approval granted on 9th November 2021, work has been undertaken on the necessary due diligence required to ensure that the acquisition of a strategic town centre asset represents value for money (at the agreed purchase price) and that the condition and medium term remedial works, are within the appropriate scope and budget envelope. Work has also progressed to secured the post-completion asset management and operational logistics, to ensure that a transition of ownership is as seamless as possible. Executive Recommendations i. In principle, the freehold acquisition, and associated works, of the identified property within the town centre to a maximum value of £15m; ii. to delegate the completion of the acquisitions on the identified property to the Director of Regeneration and Culture, and the Director of Finance, in consultation with the Executive Member of Regeneration and the Mayor, within the parameters of the report; and, iii. that subject to satis