Issue - meetings

The Board considered a report setting out details of an assessment of the property located in Exmouth as a potential acquisition in accordance with the Place and Prosperity Investment Framework.

Members noted that there were three categories used to invest under the Place and Prosperity Fund:

·        Service delivery

·        Economic regeneration

·        Preventative action.

Officers confirmed that the assessment that had been carried out concluded that the property did not present value as an investment and it was an unsuitable acquisition for the Council.

The Board discussed the proposal concluded that the acquisition did not meet the requirements of the Place and Prosperity Fund and not to proceed with the proposed acquisition.

The Board unanimously RESOLVED to not proceed with the investment acquisition for the property in Exmouth as it did not present value as an investment for the Council.