Agenda and minutes

To approve as a correct record and sign the Minutes of the meeting held on 9 January 2012.

The Minutes (copies of which had been circulated) of the meeting held on 9 January 2012 were approved as a correct record and signed by the Chair.

Executive Councillors and officers were invited to declare any interests that they had in any of the items on the agenda for the meeting.

The following interest was declared:-

Personal Interest

To report any urgent action taken under the Constitution since the last meeting of the Executive.

To consider whether it is in the public interest to exclude the public during consideration of agenda item 16 (Town Centre Regeneration – acquisition of site) which contains information marked “not for publication” by virtue of Category 3, ‘Information relating to the financial or business affairs of any particular person (including the authority)’ as set out in the Local Government Act 1972 (as amended).

RESOLVED – That in order to prevent the disclosure of information which was not for publication relating to the financial or business affairs of any particular person (including the authority) the disclosure of which would not be fair and would therefore be in breach of Data Protection principles, the public be excluded from the meeting during consideration of the ‘not for publication’ appendix to Agenda item 16 (Town Centre Regeneration – Acquisition of Town Centre Site (FIN/RGN1).

Members of the public are invited to put questions to the Chair and Executive Councillors on any matters within the powers and duties of the Executive, subject to the exclusions set out in the Code of Practice.  (Questions must be submitted no later than 30 minutes prior to the commencement of the meeting on the card provided.  These are available at the meeting and at local libraries and information centres. You can also submit via the Council’s website at www.stockport.gov.uk/publicquestions)

The public were invited to put questions to the Executive on any matters within their powers and duties, subject to the exclusions set out in the Code of Practice.

13 questions were asked.

Questions one to twelve related to the proposals contained in the report ‘Review of Property Services (FIN108)’ (see Minute 6 below).

The first question asked whether the Council would commission an investigation of the feasibility of returning property services ‘in house’ in light of examples of externalised services being successfully returned elsewhere in the country.

The Executive Councillor (Finance) confirmed that the option of returning property services in house would be given serious consideration.

The second question asked whether the possibility of bringing property services ‘in house’ (‘Option 4’) would be given equal consideration as the other options outlined in the report, given that the report contained less text in relation to ‘Option 4’.

The Executive Councillor (Finance) replied that ‘Option 4’ had been included following consultation with Unison and that she had welcomed its inclusion. She reiterated that all options would be considered. She further replied that the shorter discussion of this option within the report did not indicate less importance.

Question three queried whether a review of property services was necessary given that the report stressed the need for greater emphasis on Strategic Asset Management and that this could be achieved by recruiting to the vacant posts within this discipline at NPS, which had been left unfilled at the request of the Council.

The Executive Councillor (Finance) reported that no record could be found of any request from the Council to NPS to freeze recruitment to vacancies and any decision to do so would be that of NPS. The report had not criticised staff that were providing a good service within the parameters of the existing contract arrangements. She stated that all the options within the report would be subject to TUPE arrangements for existing NPS staff.

The fourth question queried why the thrust of the report was to separate property services functions, despite Government guidance on best practice advocating the combining of these functions.

The Executive Councillor (Finance) replied that she disagreed with this interpretation of the report as only one of the options suggested the separation of services. She stated that the review had been undertaken at this time because it was an opportune moment as the five year break in the NPS contract was approaching. She added that the aim of the review was to further rationalise property service functions.

Question five asked whether it was feasible for NPS to bid for the future property services contract and whether this would jeopardise the jobs of former Council employees.

The Executive Councillor (Finance) replied that she believed NPS to be in a strong position to bid for any future contract and that it was likely that the future arrangement would involve the expansion of the role of property services.

The sixth question asked whether any discussions had taken place between the Council and NPS about any concerns over service provision and options for resolving them.

The Executive Councillor (Finance) reiterated that the review had been undertaken because it was an appropriate time within the contract and because the financial and economic circumstances had changed since property services was first externalised, meaning the requirements of the Council would not be best served by extending the existing contract. The Executive Councillor stated she could not comment on all the correspondence there may have been, but she believed that NPS had been made aware of the review early in the process.

The seventh question asked whether the Executive were satisfied with the efforts of the Council and NPS to resolve any service and performance concerns and that these had been undertaken with appropriate levels of staff consultation.

The Executive Councillor (Finance) replied that she was unable to comment on any consultation NPS had undertaken with its  ...  view the full minutes text for item 5.

To consider a report of the Executive Councillor (Finance)

The report provides an overview of a review of the current arrangements for property services and consideration of the options for the future delivery of this service to meet the Council’s corporate priorities.  The report sets out the strategic context for the need for a transformation to the Council’s operation and non-operation portfolio and the need for strategic planning to meet its future corporate priorities.

The Executive is recommended to:

·      Delegate to the Corporate Director of Corporate and Support Services to commence a tender procurement process for property services in whole or in part that will deliver a proposed revised operating model that will meet the Council’s priorities, allow best value and wider change to be delivered from the property assets.

·      Agree the recommendations in the report to terminate the current service agreement with NPS, such termination to coincide with the commencement of new property services.

Officer contact: Murray Carr, 0161 474 3649, murray.carr@stockport.gov.uk

The Executive Councillor (Finance) submitted a report (copies of which had been circulated) providing the Executive Meeting with an overview of a review of the current arrangements for property services and options for the future delivery of this service to meet the Council’s corporate priorities.  The report sets out the strategic context for the need for a transformation to the Council’s operation and non-operation portfolio and the need for strategic planning to meet its future corporate priorities.

The Executive Councillor (Finance) and the Leader of the Council commended the staff at NPS Stockport for their continued hard work on behalf of the Council and stated that the position of the Executive was that the future delivery of property services would involve as many existing staff as necessary from NPS through TUPE arrangements should this be required as their knowledge and expertise was valued by the Executive. No negotiations with potential providers would be undertaken if their proposal did not include TUPE rights for existing NPS Stockport staff.

RESOLVED – That:

·      the Corporate Director for Corporate and Support Services be authorised to commence a tender procurement process for property services in whole or in part that would deliver a proposed revised operating model that would meet the Council’s priorities, allow best value and wider change to be delivered from the property assets, and

·      the recommendation to terminate the current service agreement with NPS to coincide with the commencement of new property services, be approved.

To consider a joint report of the Executive Councillors (Customer Focus) and (Finance)

The report summarises the Portfolio Performance and Resource Reports (PPRRs) approved by individual Executive Councillors and Corporate Directors. It provides a further update from the mid-year report (presented at Executive on 7th November 2011) in delivering the Council’s priorities, revenue budget and capital programme for 2011/12, and highlights progress on implementing key strategic projects and managing corporate risks.

Individual Portfolio Reports will be considered by Scrutiny Committees from early March, and are published as background papers alongside this report. 

These can be accessed at http://democracy.stockport.gov.uk/mgIssueHistoryHome.aspx?IId=8566

The Executive is asked to;

·         Review progress against delivering Council Plan priorities, portfolio outcomes and capital schemes alongside budget forecasts contained within the report.

·         Approve the virements to the Revenue Budget set out in paragraph 3.2.3 of the report.

·         Agree the approach to managing revenue surpluses and deficits, and proposed contributions to and from General Fund and HRA earmarked reserves as set out in paragraph 3.9.3 of the report, including the transfer of £0.352m to general fund balances in order to meet the recommended minimum balances requirement for 2012/13

·         Approve changes to the Capital Programme as set out in paragraph 4.3.4 of the report.

·         Approve the resourcing of the Capital Programme as set out in paragraph 4.5 of the report.

·         Identify key areas for further investigation and responsibility for taking forward corrective action to address any existing or forecast issues or risks

Officer Contact: Andrea Stewart/ Christine Buxton, 0161 474 3243/ 4124, andrea.j.stewart@stockport.gov.uk / Christine. buxton@stockport.gov.uk

The Executive Councillors (Customer Focus) and (Finance) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider the third quarter position in delivering the Council’s priorities, revenue budget and capital programme for 2011/12, and highlighting progress on implementing key strategic projects and managing corporate risks.

The Council remained on track to deliver over £16m of savings by the end of March 2012 with the overall forecast outturn for cash and non-cash limits indicating a surplus of £4.796m. By the end of third quarter £37.7m (55%) of the Capital Programme had been spent.

Executive Councillors highlighted key performance and resource issues within their portfolio responsibilities.

RESOLVED – That the report be noted and approval be given to:

(i)        the virements to the Revenue Budget set out in paragraph 3.2.3 of the report;

(ii)       the approach to managing revenue surpluses and deficits, and proposed contributions to and from General Fund and HRA earmarked reserves as set out in paragraph 3.9.3 of the report, including the transfer of £0.352m to general fund balances in order to meet the recommended minimum balances requirement for 2012/13;

(iii)      the changes to the Capital Programme as set out in paragraph 4.3.4 of the report, and

(iv)      the resourcing of the Capital Programme as set out in paragraph 4.5 of the report.

To consider a report of the Executive Councillor (Finance)

The report informs the Executive on quarter three performance and activity of the Council's Treasury Management function for 2011/2012.

Investment performance has been sustained throughout the third quarter of the financial year and the Council continues to make a respectable investment return despite prevailing low interest rates.

The Executive is recommended to receive this report in line with best practice guidelines.

Officer contact: Lorna Salvage, 0161 474 4026, lorna.salvage@stockport.gov.uk

The Executive Councillor (Finance) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider third quarter performance and activity of the Council's Treasury Management function for 2011/12. Investment performance had been sustained throughout the third quarter of the financial year and the Council continued to make a respectable investment return despite prevailing low interest rates.

RESOLVED – That the reported be noted and received in line with best practice guidelines.

To consider a report of the Executive Councillor (Customer Focus)

The report provides an overview of complaints received in the third quarter of 2011-12 (October - December), which covers the following complaints procedures:

·         Corporate Complaints

·         Adult Social Care Complaints

·         Children’s Social Care Complaints

·         Stockport Homes’ complaints

·         Local Government Ombudsman complaints

The report also outlines lessons learnt as a result of complaints.

The Executive is recommended to:

a)            Review performance information contained in this report, and

b)           Comment on the performance measures reported and suggest any additional information thatmight be collected in future.

Officer contact: Anwar Majothi, 0161 474 3182, anwar.majothi@stockport.gov.uk

The Executive Councillor (Customer Focus) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider an overview of complaints received in the third quarter of 2011/12, including comparisons with previous quarters and the lessons learnt from these complaints.

RESOLVED – That the third quarter performance in relation to complaints received in the third quarter be noted.

To consider a report of the Executive Councillor (Customer Focus)

The report includes the Council Plan for 2012/13 that sets the strategic direction for the Council to support the delivery of its key priorities and outcomes.  The Plan is closely aligned to the budget for 2012/13 which is also presented to this meeting. This Council Plan has been developed during a time of significant change for local authorities, and the wider public sector. Significant reductions in the levels of funding allocated to the Council mean that we have to do things differently to meet the challenges of having a much reduced budget.

The Council’s priorities for 2012/13 are as follows:

·         Safe and Strong

·         Thriving

·         Green

·         Healthy

The Executive is asked to:

·         Recommend the Council Plan to Council Meeting for approval.

·         Agree the principles in paragraph 3.2 of the report for use in guiding the development of the Council Plan performance measures.

·         Agree the timetable set out in paragraph 3.3 of the report for the development of the performance and risk measures.

Officer contact: Steve Skelton, 0161 474 3174, steve.skelton@stockport.gov.uk

The Executive Councillor (Customer Focus) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider the final draft of the Council Plan for 2012/13.

The Plan would set the strategic direction for the Council to support the delivery of its key priorities and outcomes, and had been closely aligned to the proposed budget for 2012/13.

RESOLVED – That

(i)        the Council Meeting be recommended to approve the Council Plan 2012/13;

(ii)       the principles in paragraph 3.2 of the report be agreed for use in guiding the development of the Council Plan performance measures, and

(iii)      the timetable set out in paragraph 3.3 of the report for the development of the performance and risk measures be agreed.

To consider a joint report of the Executive Councillors (Finance) and (Communities)

The report provides details on the Housing Revenue Account (HRA) Self-Financing settlement and the work completed on developing and producing the HRA Asset Management Strategy and Business Plan, and seeks the Executive’s approval of the HRA Asset Management Strategy and 30 Year Business Plan.  The Executive had previously considered these proposals at its meeting on 16 December 2011.

(Note: HRA Asset Management Strategy and Business Plan and the 30 Year Business Plan have not been included within the agenda due to their size. Copies of the document are available on deposit at the Town Hall, in the Group Offices and on the Council’s website at: http://democracy.stockport.gov.uk/ieListDocuments.aspx?CId=117&MId=291&Ver=4

The Executive is recommended to:

·       Note the report; and,

·       Endorse and approve the Asset Management Strategy and Business Plan, provided alongside this report.

Officer contact: Paul Lawrence, 0161 474 4515, paul.lawrence@stockport.gov.uk

The Executive Councillors (Communities) and (Finance) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider the finalised proposal for the self-financing of the Housing Revenue Account through a one-off settlement from the Government. The proposal had been subject to extensive consultation with tenants and councillors.

RESOLVED – That the Housing Revenue Account Asset Management Strategy and 30 Year Business Plan be endorsed and approved.

To consider a joint report of the Executive Councillors (Communities) and (Finance)

The report recommends the level of increase for rent and service charges for the Housing Revenue Account in 2012/13 in order to move toward meeting the Government’s requirement for rent convergence by 2015/16 and to ensure the new Self Financing model of Council housing finance can be delivered, which will bring significant additional resource to Stockport tenants. In addition charges for Carecall services in 2012/13 are recommended, and a summary Housing Revenue Account budget for 2012/13 is presented for approval.

The Executive is asked to recommend that the Council Meeting approves:

·         An increase in the average rent of 8.1% for dwelling rents;

·         An increase of 6.1% for garage rents;

·         Service charges increasing as outlined in paragraph 3.2;

·         A 6.1% increase in Carecall Charges;

·         A 6.1% increase in Warden charges;

·         That void properties are advertised at their target guideline rent from April 2012; and,

·         The Housing Revenue Account Budget for 2012/13 as set out in Appendix 1, including the adjustments to the Stockport Homes Management Fee.

Officer contact: Paul Lawrence, 0161 474 4515, paul.lawrence@stockport.gov.uk

The Executive Councillors (Communities) and (Finance) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider proposals for the level of increase in rent and service charges and the budget for the Housing Revenue Account for 2012/13. The report also made recommendations for charges for Carecall and Sheltered Warden services in 2012/13.

RESOLVED – That the Council Meeting be recommended to approve:-

·         an increase in the average rent of 8.1% for dwelling rents;

·         an increase of 6.1% for garage rents;

·         service charges increasing as outlined in paragraph 3.2 of the report;

·         a 6.1% increase in Carecall Charges;

·         a 6.1% increase in Warden charges;

·         that void properties be advertised at their target guideline rent from April 2012; and,

·         the Housing Revenue Account Budget for 2012/13 as set out in Appendix 1 of the report, including the adjustments to the Stockport Homes Management Fee.

To consider a joint report of the Executive Councillors (Finance) and (Children & Young People)

The report provides an overview of the 2012/13 funding settlement for schools, provides an update on the key developments in school funding reforms, makes recommendations covering the schools budget and the local formula used to determine individual schools budget shares, outlines the key actions required before individual schools budget shares are released, timetabled for late March 2012 and outlines consultation activities with the School Forum, Head Teacher consortia groups and the Stockport Governors Association (GOVAS).

The Executive is recommended to:

·         Note the detail of the Schools Financial Settlement for 2012/13 and latest position on School Funding reform

·         Approve that no fundamental change be made to the local formula used to determine individual school’s budget shares for 2012/13

·         Invite the Schools Forum, in consultation with the Executive Councillor Children and Young People to:

·      determine the basis for the allocation of mainstreamed grants as detailed in 6.6

·      allocate any available headroom as detailed in 6.8

·         Approve the principles for the construction of the 2012/13 RSB budget set out in 6.7. and the specific recommendations detailed under the RSB review

·         Set the MFG at -1.5% to ensure schools have financial stability

·         Note the timetable required for individual schools to set their detailed budget and return to the Authority by the end of May.

Officer contact: Steve Houston/ Simon Finch, 0161 474 4000/ 4019, steve.houston@stockport.gov.uk / simon.finch@stockport.gov.uk

The Executive Councillors (Children & Young People) and (Finance) submitted a report (copies of which had been circulated) providing an overview of the 2012/13 funding settlement for schools and an update on the key developments in school funding reforms.

RESOLVED – That:

·         the Schools Financial Settlement for 2012/13 and latest position on School Funding reform be noted;

·         that no fundamental change be made to the local formula used to determine individual school’s budget shares for 2012/13;

·         the Schools Forum be invited, in consultation with the Executive Councillor (Children and Young People) to determine the basis for the allocation of mainstreamed grants as detailed in paragraph 6.6 of report and to allocate any available headroom as detailed in paragraph 6.8 of the report;

·         the principles for the construction of the 2012/13 Retained School Budget set out in paragraph 6.7 of the report and the specific recommendations detailed under the Retained School Budget review be approved;

·         the Minimum Funding Guarantee be set at -1.5% to ensure schools have financial stability, and

·         the timetable required for individual schools to set their detailed budget and return to the Authority by the end of May 2012 be noted.

To consider a report of the Executive Councillor (Finance)

The report contains the Executive’s Revenue Budget Proposals for 2012/13 and Capital Programme Investment Plans. The report also outlines the prospects for the Council’s finances for the medium term up to 2014/15.

The report has been prepared in conjunction with the Corporate Director, Corporate and Support Services in order to:

·           Update the revenue budget forecasts for 2012/13 to 2014/15 presented to the Executive Meeting on 16 December 2011;

·           Update the capital programme position to take account of the 2011/12 quarter three monitoring position and the Executive’s capital investment plans for the medium term;

·           Reflect the impact of the Executive’s budget proposals and spending plans in the schedule of Fees and Charges.

Additionally, the Corporate Director, Corporate and Support Services has prepared a risk assessment of the Executive’s 2012/13 revenue budget proposals and a Statement on the Adequacy of Proposed Financial Reserves and the Robustness of the Estimates; both of which are included at Appendix Seven and Eight respectively.

The report also considers longer term risks and potential variations which could have a significant impact on the Council’s medium term financial position.

The issues discussed and proposals contained in this report have also informed deliberations around priorities and outcomes for the update of the Council Plan (see agenda item 9).

The Executive is asked to recommend that the Council Meeting:

•   agrees the Budget for 2012/13 set out in Appendix Four, including the adjustments set out in section five of this report (detailed at Appendix Five);

•   Notes and comments upon the financial forecasts for 2013/14 and 2014/15, and the key issues to be addressed in formulating a response to the continuing financial challenges facing the Council;

•   passes the appropriate Council Tax resolutions which produce a Council Tax freeze for Council services as illustrated at Appendix Eleven;

•   approves the 2012/13 to 2014/15 capital programme and the funding arrangements set out at Appendix Nine;

•   approves the prudential indicators set out in Appendix Ten;

•   approves the work being carried out on the development of capital projects to enable the Executive to be able to review revise and extend its capital programme during 2012/13; and

•   notes the risk assessment of the budget at Appendix Seven and the report of the Corporate Director, Corporate and Support Services on the adequacy of proposed financial reserves and robustness of the estimates included at Appendix Eight.

In respect of 2012/13 Fees and Charges, the Executive is recommended to approve the amendments set out in Annex One.

Officer contact: Steve Houston/ Andy Moran, 0161 474 4000/ 4086, steve.houston@stockport.gov.uk / Andrew.moran@stockport.gov.uk

The Executive Councillor (Finance) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider the Executive’s Revenue Budget Proposals for 2012/13 and Capital Programme Investment Plans. The report also outlined the prospects for the Council’s finances for the medium term up to 2014/15.

The report has been prepared in conjunction with the Corporate Director for Corporate and Support Services in order to:

·           update the revenue budget forecasts for 2012/13 to 2014/15 presented to the Executive Meeting on 16 December 2011;

·           update the capital programme position to take account of the 2011/12 quarter three monitoring position and the Executive’s capital investment plans for the medium term;

·           reflect the impact of the Executive’s budget proposals and spending plans in the schedule of Fees and Charges (proposed amendments detailed at Annex 1 of the report).

Additionally, the Corporate Director for Corporate and Support Services had prepared a risk assessment of the Executive’s 2012/13 revenue budget proposals and a Statement on the Adequacy of Proposed Financial Reserves and the Robustness of the Estimates, included in the report at Appendix Seven and Eight respectively.

The report also outlined longer term risks and potential variations which could have a significant impact on the Council’s medium term financial position.

The Executive Meeting expressed their gratitude to Council officers who had been involved in the preparation of the report for their hard work and contribution, in particular Heather Edwards, formerly Service Director (Finance) who had since left the Council.

The Leader of the Council also expressed the gratitude of the Executive to the Executive Councillor (Finance) for her hard work during the development of the budget.

The Executive Councillor (Environment) reported that due to an expected reduction in the Greater Manchester Waste Disposal Authority Levy it was proposed to remove the charge for the removal of discarded syringes on private property to bring this in line with the Council policy in respect of removals from public places.

RESOLVED – (1) That the Council Meeting be recommended to:

•   agree the Budget for 2012/13 set out in Appendix Four of the report, including the adjustments set out in section five of this report (detailed at Appendix Five);

•   note the financial forecasts for 2013/14 and 2014/15, and the key issues to be addressed in formulating a response to the continuing financial challenges facing the Council;

•   pass the appropriate Council Tax resolutions which produce a Council Tax freeze for Council services as illustrated at Appendix Eleven of the report;

•   approve the 2012/13 to 2014/15 capital programme and the funding arrangements set out at Appendix Nine of the report;

•   approve the prudential indicators set out in Appendix Ten of the report;

•   approve the work being carried out on the development of capital projects to enable the Executive to be able to review, revise and extend its capital programme during 2012/13; and

•   note the risk assessment of the budget at Appendix Seven and the report of the Corporate Director for Corporate and Support Services on the adequacy of proposed financial reserves and robustness of the estimates included at Appendix Eight of the report.

(2) That the amendments to the schedule of Fees and Charges for 2012/13 (as set out at Annex One) be approved, subject to the removal of the £54 charge for the removal of sharps/needles from occupied domestic premises where they have been illegally dumped (not including the collection of sharps/needles that have been used by the occupiers of the household nor house clearances nor commercial premises).

To consider a report of the Executive Councillor (Finance)

The report proposes the 2012/13 Treasury Management Strategy, Investment Strategy, Minimum Revenue Provision Policy and prudent and sustainable Treasury and Prudential Indicators which are constructed in compliance with the revised CIPFA Code.

The Executive is asked to recommend that the Council Meeting approves:

·         The Minimum Revenue Provision Policy 2012/13;

·         The Treasury Management Policy Statement and the four clauses to be formally adopted;

·         The Capital Expenditure forecasts and CFR projections;

·         The Treasury Management Strategy 2012/13;

·         The Treasury Management and Prudential Indicators and limits 2012/13-2014/15;

·         The Annual Investment Strategy 2012/13 (including the revision to the Council’s creditworthiness policy).

Officer contact: Lorna Salvage, 0161 474 4026, lorna.salvage@stockport.gov.uk

The Executive Councillor (Finance) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider the 2012/13 Treasury Management Strategy, Investment Strategy, Minimum Revenue Provision Policy and prudent and sustainable Treasury and Prudential Indicators which were constructed in compliance with the revised CIPFA Code.

RESOLVED – That Council Meeting be recommended to approve:

·         the Minimum Revenue Provision Policy 2012/13;

·         the Treasury Management Policy Statement and the four clauses to be formally adopted;

·         the Capital Expenditure forecasts and Capital Financing Requirment projections;

·         the Treasury Management Strategy 2012/13;

·         the Treasury Management and Prudential Indicators and limits 2012/13-2014/15, and

·         the Annual Investment Strategy 2012/13 (including the revision to the Council’s creditworthiness policy).

To consider a joint report of the Executive Councillors (Finance) and (Regeneration)

(Note: this report includes information ‘Not for Publication’ contained within its appendices which have been circulated to executive councillors only)

The report seeks authority from the Executive to acquire the long leasehold interest in the land and property at Wellington Road North and Princes Street Stockport (Debenhams store), subject to a final valuation and the outcome of a comprehensive due diligence exercise, as part of one of the Council’s priority of furthering the regeneration of Stockport Town Centre.

The Executive is recommended to:

·         Approve the acquisition of the long leasehold interest in the property at Wellington Road North and Princes Street, Stockport.

·         Authorise the Corporate Director, Services to Place and the Corporate Director, Corporate and Support Services in consultation with the Executive Councillors (Finance) and (Regeneration) to settle the final terms of the agreement subject to a positive outcome to the final valuation and any outstanding due diligence.

Officer contact: Barry Khan/ Paul Lawrence 0161 474 3202/ 218 1940 barry.khan@stockport.gov.uk / paul.lawrence@stockport.gov.uk

The Executive Councillors (Regeneration) and (Finance) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider a proposal for the Council to acquire the long leasehold interest in the land and property at Wellington Road North and Princes Street, Stockport (Debenhams store) as part of one of the Council’s priorities of furthering the regeneration of Stockport Town Centre.

(Note: this report included information ‘Not for Publication’ contained within its appendices which had been circulated to executive councillors only)

The Leader of the Council reiterated that the proposal would not be at a cost to the residents of Stockport as the rental income from the property would cover the Prudential Borrowing costs needed to acquire the leasehold.

RESOLVED – That

·         approval be given to the acquisition of the long leasehold interest in the property at Wellington Road North and Princes Street, Stockport

·         Corporate Director of Place and the Corporate Director for Corporate and Support Services, in consultation with the Executive Councillors (Finance) and (Regeneration), be authorised to settle the final terms of the agreement subject to a positive outcome of the final valuation and any outstanding due diligence.