Issue - meetings

To consider the report of the Director of City Development seeking approval to the proposed acquisition of the Council’s head tenant’s leasehold interest, which would allow the Council to receive direct a substantial rental income from their sub tenant NCP.

(Please note that Appendix 1 to this report is designated as exempt from publication under the provisions of Access to Information Procedure Rule 10.4 (3))

The Director of City Development submitted a report which sought approval to the proposed acquisition of the Council’s head tenant’s leasehold interest in respect of the Harper Street Car Park, which would allow the Council to receive direct a substantial rental income from their sub tenant NCP.

Following consideration of Appendix 1 to the submitted report, designated as exempt from publication under the provisions of Access to Information Procedure Rule 10.4(3), which was considered in private at the conclusion of the meeting it was

RESOLVED –

(a)  That the acquisition of the head lease as an investment, on the terms as outlined within the exempt appendix 1 to the submitted report, be approved;

(b)  That the injection of, and the authority to spend the sums detailed within the exempt appendix 1 to the submitted report, into the capital programme, be approved;

(c)  That it be noted that the Director of City Development, under his delegated powers, will negotiate the detailed Heads of Terms for the acquisition.