Agenda item

With the prior approval of the Leader to the matter being treated as urgent to enable the decision to be made at the earliest possible date, the Cabinet Member with the Efficiency and Resources Portfolio introduced the report of the Director of Economic Growth and Neighbourhood Services (previously circulated) requesting that consideration be given to the acquisition of the Darlington East End Club and Institute and granting a lease back to the Club.

The submitted report outlined the background to the proposals; proposed terms; and the financial and legal implications.

RESOLVED – (a)  That the acquisition of the Darlington East End Club and Institute, be approved, on the terms as set out in the submitted report.

(b) That the release of capital from the Economic Growth Investment Fund to fund the acquisition, as detailed in the submitted report, be approved.

(c)  That the grant of a lease back to the Darlington East End Club, on the principal terms as set out in the submitted report, be approved, with the Director of Economic Growth and Neighbourhood Services being given delegated authority to finalise detailed terms as appropriate.

(d)  That the Assistant Director - Law and Governance be authorised to complete all necessary documentation.

REASONS – (a)  To facilitate the vision for Darlington Bank Top Station and the improvement of the eastern approach to the station.

(b)  To take advantage of the opportunity to acquire the property at a reasonable price in advance of future requirements and avoiding statutory compensation provisions.