The Executive Director Development has submitted a report to approve a change in the current lease arrangements to provide an improved income stream to the Council and to facilitate investment in the asset to improve and diversify the city centre offer.

Recommendations:That Cabinet resolves to:

1.    Approve the outline terms in relation to the changes to the lease arrangements, as set out in Exempt Appendix 3 - not for publication; and

2.    Delegate authority to the Executive Director – Development, in consultation with the Cabinet Member for Finance & Property, the Head of Finance and the Head of Law & Governance, to approve the changes to the lease.

The Executive Director (Development), had submitted a reportto approve a change in the current lease arrangements to provide an improved income stream to the Council and to facilitate investment in the asset to improve and diversify the city centre offer.

Cllr Ed Turner, Cabinet Member for Finance & Asset Management, introduced the report. The Council owned the freehold interest of the property. There had been a change in the leasing arrangements as a consequence of which it was proposed to change the Council’s interest in the second floor of the property.  The proposed arrangements would provide greater security of income in the medium and long term.

The desirability of seeking social as well as a financial value from future leasing arrangements, to the extent that it was possible, was noted.

Cabinet resolved to:

1.    Approve the outline terms in relation to the changes to the lease arrangements, as set out in Exempt Appendix 3 - not for publication; and

2.    Delegate authority to the Executive Director – Development, in consultation with the Cabinet Member for Finance & Property, the Head of Financial Services and the Head of Law & Governance, to approve the changes to the lease.