Purpose

Update of Development Agreement and Head
Lease

Content

The Executive RESOLVED:

 

1.    
That the terms of the Brightwells Yard Development Agreement be varied as
follows:

                  
i.         
The ultimate long-stop date for Practical Completion
to change from 15 August 2024 to 28 February 2025.

                
ii.          
Developer obligations to deliver the Borelli Bridge
(“the Bridge”) be removed from the DA and a separate
agreement entered into obliging the developer to deliver the bridge
by 31 August 2025.

               
iii.         
That the full and final set of drawings, plans and
specifications comprising the Works and agreed between the parties
since the Development began, be appended to the Development
Agreement thereby superseding the original documents
included.

               
iv.         
That the previous form of Car Park Underlease be
removed and replaced with a new revised version of the Car Park
Underlease which takes account of agreed changes to the service
charge provisions which WBC’s officers have in principle
agreed.

                
v.         
Authority be delegated to the Strategic Director -
Place, to settle the terms upon which these changes will be
documented and to authorise execution of any deeds and documents
required to give effect to those changes in consultation with the
Portfolio Holder for Finance, Assets and Property, the Portfolio
Holder for Brightwells and Executive
Head of Legal and Democratic Services.