Purpose

Terms
have been agreed for a 10 year lease of the former TWBC premises
known as The Gateway.  A report is to be
submitted to Cabinet for approval of the lease terms owing to the
overall value of the transaction.

Decision

RESOLVED –
 
1. That
the grant of the lease referred to in the report and Appendices be
approved.
 
2. That
the Head of Economic Development and Property, in consultation with
the Director of Finance, Policy and Development and the Cabinet
Member for Finance and Performance be delegated authority to
negotiate and agree the terms of the lease as set out in exempt
Appendix B be approved.
 
3. That
the Head of Legal Services be delegated authority to complete all
legal formalities as are necessary and incidental to the
recommendations in this report and to negotiate, execute and
complete all necessary agreements, deeds and documents arising from
or ancillary or incidental to the decisions be approved.
 
REASON FOR DECISION: Granting the lease on the property to a company of sound
covenant strength at a market rent provides the Council with a
readily marketable asset.