Decision details

Property Development Framework: Head Lease with Company

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To seek specific approval to a development project funded from the Property Development Fund

Decisions:

Councillor Pat Hackett introduced a report by the Strategic Director – Regeneration and Environment which sought approval to authorise the Council to take out a Head Lease with a local development company for an initial period of ten years to allow it to use the Authority’s covenant strength to render a new build industrial unit commercially viable. The new accommodation would be constructed for a known end-user who was a Wirral based company who wanted to expand its operations. The costs of the Head Lease would be underwritten using resources from the proposed Property Development Framework that had been discussed earlier in the meeting.  (Minute No. 155 refers.)

 

RESOLVED: That

 

(1)  the Cabinet agrees to the principle of the Council taking out a ten year Head Lease on a new industrial development which will then be sub-let to the company named in the report; and

 

(2)  the cost of the Head Lease will be underwritten from the newly established Property Development Framework.

Publication date: 25/03/2015

Date of decision: 12/03/2015

Decided at meeting: 12/03/2015 - Cabinet

Effective from: 02/04/2015

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