The Deputy Chief Executive – City and Citizens’ Services, in consultation with the Deputy Leader (Statutory) – Finance and Asset Management, the Director of Law, Governance and Strategy and the Group Finance Director, decides as follows:

Enter into a new lease with OxWed LLP for the Car Park at Oxpens Road

The decision to renew the lease will financially benefit the Council, as well as ensure the continued control and operation of a city centre car park.

Should the Council opt not to enter into the new lease the income from the car park will cease. The current Medium Term Financial Plan provides for the Council’s 50% share of incomes to be removed from its budget over the next 2 years in line with what was assumed to be the Oxpens development period. This new arrangement provides for some income to accrue to the Council for a slightly extended period of time.

The alternative option was to not enter into a new lease of the car park. This was not recommended as it would provide no financial benefit to the council and mean loss of control of a city centre car park.