PROPERTY DEVELOPMENT FRAMEWORK: HEAD LEASE WITH COMPANY NAMED IN REPORT.
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: Yes
Further to Minute No. 166 of the Cabinet meeting held on 12 March 2015 Councillor Pat Hackett introduced a report by the Strategic Director – Regeneration and Environment. The report set out the background, current position and included details of the Heads of Terms that the Council would be entering into to allow the scheme to commence.
The Strategic Director was in attendance at the meeting to answer Members’ questions.
(1) the Cabinet agrees to the Council taking out a 10 year Head Lease (with an option to renew at year 10) and via a back to back agreement sublet the completed unit to the Company named in the report. In the event of the company defaulting on its sub lease the cost of the Council’s Head Lease will be underwritten from the newly established Property Development Fund; and
(2) the Heads of Terms reported in Appendix 1 to the report be agreed.
Publication date: 16/07/2015
Date of decision: 13/07/2015
Decided at meeting: 13/07/2015 - Cabinet
Effective from: 24/07/2015