X007669
It is resolved that:
(A)
Council endorse the sale of Stockton House,
73-75 William Street, East Sydney;
(B)
Council endorse the proceeds from the sale being
placed in the Commercial Properties Reserve to allow for future reinvestment in
commercial property, further supplementing the City's non-rate-based income;
and
authority be delegated to the Chief Executive Officer to
develop due diligence material including, but not limited to, a disposal plan,
implementing opportunities to leverage value, determining the optimum method of
sale, negotiating with interested parties as required and entering into all
necessary documentation to effect the sale at a price to be supported by at
least two independent valuations.