Decision - Longley Industrial Estate and New England House

14.1    RESOLVED:  That the committee:

(i)            Approves the Heads of Terms appended to this report for an agreement for lease and new lease on the Longley Industrial Estate;

(ii)          Grants delegated authority to the Executive Director for Economy, Environment & Culture, Assistant Director Property & Design and the Executive Lead Officer Strategy, Governance & Law to enter into an agreement for lease and a lease with Legal & General that will secure a premium in respect of the Longley

Industrial Estate;

(iii)         Grants delegated authority to the Executive Director for Economy, Environment & Culture, Assistant Director Property & Design and the Executive Lead Officer Strategy, Governance & Law to make minor amendments to the Heads of Terms, settle all the legal documents and take any other necessary steps required to implement the recommendation at 2.1.2;

(iv)         Delegates authority to the Executive Director for Economy, Environment & Culture to appropriate the Longley Industrial Estate for planning purposes, once the council has received an appropriate indemnity from L&G in relation to any costs associated with overriding third party rights; and agrees in principle that the council will authorise the use of S203 and delegates the final decision to authorise the use of S203 powers to the Executive Director for Economy, Environment & Culture;

(v)          Agrees to ring-fence the premium received for the extension and refurbishment of New England House;

(vi)         Notes the work which is progressing in relation to New England House and notes that there will be a further report brought to Committee to seek approvals in relation to that project.