Decision - Shoreham Airport

1.            That the Council notes that the scheme approved by P&R on 1 May 2014 is no longer proceeding.

2.            That the Council, by way of a Deed of Variation to the lease, formally postpones the £1m deferred consideration until the first new unit of any development at the airport is capable of occupation.  Interest is to be charged on the deferred consideration from the original due date of 16 September 2013 at a commercial rate compounded annually with a long-stop date for payment of 2020.

3.            That the Council, subject to payment of a suitable premium (such value to be assessed and agreed by the Council’s Estates Surveyor) enters into an agreement to relax the user covenant to enable the use of any completed development as a City Deal Growth Hub upon (a) completion of the development and (b) payment of the £1m deferred consideration plus interest due.