Decision - Shoreham Airport

That the main principles in accordance with  “List of Proposals” agreed by Worthing Borough Council (set out in Appendix 1) to the report be agred:

(i)           ASAL shall surrender Airport Lease (subject to 2.1.2 to 2.1.7 below):

(ii)          The Councils grant a long lease of the Terminal Building, Hangar and car park to ASAL on substantially the same terms as the surrendered lease;

(iii)         ASAL shall grant BCAL a lease of the Terminal Building, Hangar and car park on similar terms to the Councils’ lease to ASAL;

(iv)         The Councils grant a long lease of the Eastern Development Area and Western Development Area to ASAL on the same terms as the surrendered lease;

(v)          The Councils grant a long lease of the airport operational land (i.e. the old Airport Lease minus the sections granted under 2.1.2 and 2.1.4) to BCAL on substantially the same terms as the surrendered lease;

(vi)         The £1m deferred consideration shall be further deferred until a building built on the Eastern Development Land or Western Development Land is completed and occupied in part or whole.

That the Committee provide delegated authority to the Executive Director Environment Development & Housing and the Executive Director of Finance & Resources to enter into leases and other supplementary agreements in order to complete 2.1.