Decision Maker: Director of Finance
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Decision:
That a Deed of Variation
be granted to MDL Ltd, on the terms as set out in exempt appendix
1.
Reasons for the decision:
The Deed of Variation
has been agreed between the Council and MDL Ltd on commercially
acceptable terms.
Alternative options considered:
The Tenant is seeking
consent to vary the lease that would, subject to obtaining all
necessary statutory consents and approvals, permit the development
of housing to be built on the Marina Car Park. Permitting a
variation of the lease is wholly at the discretion of the
Council.
The Council, in entering
into the Deed of Variation, has ensured that Section 123 of the
Local Government Act has been satisfied by including an overage (in
perpetuity) and a clawback provision within the said deed, which
provides best value to the Council.
It is agreed that each
party pays their own legal costs as is the standard practice for
transactions of this nature.
Implementation:
Information:
Approval to vary by way
of Deed of Variation, in relation to extending the term of years
and to vary the user clause provision to accommodate residential
use, as set out in the Lease.
Interests and Nature of Interests Declared:
Publication date: 05/11/2024
Date of decision: 31/10/2024
