Decision details

RESOLVED that:

A    Cabinet delegated authority to the Director for Facilities and Assets to agree terms and thereafter procure the legal completion of new commercial leases, subject to the Executive Director (Regeneration and Community Focus) being satisfied that:

             i)        the subject property isn’t required by the council over the duration of the proposed lease for operational purposes;

            ii)        the terms of the proposed lease are at or better then open market value;

           iii)        entering into the proposed lease would not reduce the retained capital value of the subject property; and

           iv)        entering into the proposed lease would not impede the council in delivering its policy objectives (for example its programme of town centre regeneration).

B      Cabinet agreed the following financial limits for the grant of commercial leases:

             i)          Up to £150,000 total lease value – Approval by the Executive Director (Regeneration and Community Focus);

            ii)          From £150,000 - £500,000 - Approval by the Executive Director (Regeneration and Community Focus) in consultation with the relevant Portfolio Holder; and

           iii)          Above £500,000 – Approval by Cabinet.