Issue - items at meetings - Community Facilities - Revised Long Lease

Report of the Assistant Director, Property & Design (copy attached).

1.     That the council acquires a long leasehold interest of 999 years for the Community Facilities to be built as part of the development of blocks E and F at the New England Quarter.

2.     That the council grants an underlease to the Ethical Property Company plc on terms to be agreed by officers under general delegations.

25.1       The Cabinet Member considered a report of the Assistant Director, Property & Design which explained that the Policy and Resources Committee on 23 February 2005 resolved that the council acquire a long leasehold interest of 160 years for the Community Facilities to be built as part of the development of blocks E and F at the New England Quarter, as set out in the original Section 106 agreement for the development dated September 2003.  In addition, it was resolved that an underlease be granted to the Ethical Property Company PLC for 125 years.  The developer of blocks E & F had now offered the council a lease for 999 years, as set out in a subsequent Section 106 agreement dated September 2007.

25.2       The Cabinet Member thanked Jessica Hamilton for her report and the fact that the council had managed to negotiate a 999 year lease.    The Opposition Spokesperson concurred.

25.3       RESOLVED – That having considered the information and the reasons set out in the report, the Cabinet Member accepted the following recommendations:

(1)            That the council acquires a long leasehold interest of 999 years for the Community Facilities to be built as part of the development of blocks E and F at the New England Quarter.

(2)            That the council grants an underlease to the Ethical Property Company plc on terms to be agreed by officers under general delegations.