Issue - meetings
Sale of commercial development land at Lufton, Yeovil (Lufton 2000 joint venture)
Meeting: 22/09/2022 - South Somerset District Council (Item 70)
70 Sale of commercial development land at Lufton, Yeovil (Lufton 2000 joint venture) 
PDF 534 KB
Additional documents:
- 13 Lufton JV Confidential Appendix , View reasons restricted (70/2)
Decision:
|
RESOLVED: |
That Full Council agreed to:- |
|
|
|
a. |
note the contents of the report.
|
|
|
b. |
approve the proposal to sell the Councils share in the Joint Venture in the asset named Lufton 2000 on the terms outlined in the confidential appendix to the report.
|
|
|
c. |
authorise the Chief Financial Officer to seek the approval of the Somerset County Council to the sale under the Section 24 direction.
|
|
|
d. |
delegate the power to the Council’s Solicitor and Monitoring Officer to approve the detail of the sale.
|
|
Reason: |
To agree the sale of the Council’s 50% share in the Lufton 2000 Joint Venture to its joint venture partner Abbey Manor Developments Limited. |
|
(Voting: unanimous in favour)
Minutes:
The Portfolio Holder for Finance and Legal Services advised that SSDC currently owned a 50% share in a joint venture at Lufton trading estate. It was proposed to dispose of the share to the partner for the sum in the confidential appendix. He proposed that the recommendations be accepted by Council and they were seconded by Councillor Tony Capozzoli.
There were no questions and Members unanimously agreed to the sale of the asset named Lufton 2000.
|
RESOLVED: |
That Full Council agreed to:- |
|
|
|
a. |
note the contents of the report.
|
|
|
b. |
approve the proposal to sell the Councils share in the Joint Venture in the asset named Lufton 2000 on the terms outlined in the confidential appendix to the report.
|
|
|
c. |
authorise the Chief Financial Officer to seek the approval of the Somerset County Council to the sale under the Section 24 direction.
|
|
|
d. |
delegate the power to the Council’s Solicitor and Monitoring Officer to approve the detail of the sale.
|
|
Reason: |
To agree the sale of the Council’s 50% share in the Lufton 2000 Joint Venture to its joint venture partner Abbey Manor Developments Limited. |
|
(Voting: unanimous in favour)
