Decision details

To request an approval in principle for a Full Repairing and Insuring Lease of the Leeds Media Centre to Unity Property Services Ltd on a peppercorn rent basis for a term of 15 years, and an approval to delegate to the Director of City Development the final terms of the lease, at less than best consideration.

This is a Key Decision, given the market value of the lease for this property.

The Director of City Development submitted a report that sought in principle approval of a 15 year, full repairing and insuring lease of the Leeds Media Centre to Unity Property Services Ltd. on a peppercorn rent basis. The report also sought to delegate to the Director of City Development the responsibility of agreeing the final terms of the new lease and associated grant agreement, at less than best consideration, subject to any final issues that may arise.

Responding to a Member’s enquiry, the Board received assurance that the normal due diligence processes which were followed when making an agreement such as this would continue to be followed in relation to Unity Property Services Ltd as part of such proposals.

Also, responding to an enquiry, the Board received an update on the provision of related funding which would be available following the conclusion of European Structural and Investment Fund, with further detail being provided on the timeframes around the introduction of the UK Shared Prosperity Fund and the availability of related funding in the interim.

RESOLVED –

(a)  That approval in principle be given for a Full Repairing and Insuring lease of the Leeds Media Centre to Unity Property Services Ltd. on a peppercorn rent basis for a term of 15 years;

(b)  That the necessary authority be delegated to the Director of City Development in order to enable the Director to agree the final terms of the lease, at less than best consideration;

(c)  That approval be given for the resolutions within this minute to be exempted from the Call In process on the basis that the decisions are urgent due to the short timescales provided by the European Structural and Investment Funds (ESIF) appraisal process, and for those reasons as detailed within paragraph 4.5.1 of the submitted report.

(The Council’s Executive and Decision Making Procedure Rules state that a decision may be declared as being exempt from the Call In process by the decision taker if it is considered that the matter is urgent and any delay would seriously prejudice the Council’s, or the public’s interests. In line with this, the resolutions contained within this minute were exempted from the Call In process, as per resolution (c) above, and for the reasons as detailed within section 4.5.1 of the submitted report)

Member briefing

Executive Member for Inclusive Growth and Culture