Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: December 19, 2024

Purpose: The council leases Royal Harbour multi-storey CP under a financing lease entered into in 1977, which has 48yrs unexpired. The lease contains a tenants option to purchase the leasehold interest, at certain trigger points, the next is in 2025. Exercising the option will have an improved long term budgetary impact for the council.

Content: Cabinet approved exercising the option to purchase the leasehold interest in Royal Harbour Multi-storey car park, Ramsgate at the next available option trigger date and finance the purchase from borrowing.