Decision details

To approve a Strategic Acquisition Strategy for the Council.

(a)  That the introduction of the proposed Strategic Acquisition Strategy and associated procedure be approved to enhance the ability for the Council to compete for investment opportunities within commercial timescales.

(b)  That in order to accelerate regeneration objectives, realise local economic development outcomes and provide long-term strategic benefits, it be agreed that all strategic acquisitions would normally be made within the Borough of Slough.

(c)  That the Council’s Financial Regulations be amended to enable the acquisition of assets by Cabinet up to £25m (inclusive of acquisition costs) and give authority for the capital programme to be amended as required.

(d)  That the Strategic Director for Regeneration, Housing and Resources, following consultation with the Commissioner for Neighbourhoods and Renewals and the Leader of the Council, be delegated authority to introduce the proposed Strategic Acquisition Board (“SAB”).

(e)  That the SAB be given delegated authority to make strategic acquisitions in line with the objectives, criteria and governance procedures set out in the report, following consultation with the with the Commissioner for Neighbourhoods and Renewals and the Leader of the Council.

(f)  That it be noted that in the event that Strategic acquisitions exceed £25m per annum, flexibility be introduced to provide authority to make a bid subject to Council approval.

(g)  That a balanced investment portfolio be created in line with set criteria, generating an independent income stream alleviating some of the pressure enforced by central government funding cuts.