Financial Support for Market Walk Leisure Tenants
Decision Maker: Council
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
The Executive Member (Resources), Councillor Peter Wilson, presented the report of the Director of Commercial Services seeking approval for providing financial support to the two anchor Leisure Operators, Reel Cinemas Limited (Reel) & K Leisure Limited (Escape), in order to protect previous council investment following the impact of Covid.
The Executive Member (Resources), Councillor Peter Wilson proposed and the Executive Leader, Councillor Alistair Bradley seconded the unanimous Decision –
1. That members delegate authority to the Director of Commercial Services, in consultation with the Executive Member for Resource, to approve further financial support for Reel and Escape as set out below:
a. That Reel’s rent-free period is extended up to a maximum of 31st March 2021.
b. That Reel’s service charge contribution is waived up to a maximum of 31st March 2021.
c. That Escape’s rent-free period is extended up to a maximum of 31st March 2021
d. That Escape’s service charge contribution is waived up to a maximum of 31st March 2021.
e. As part of this support, that leases are renegotiated and extended by an equivalent period to that of the agreed rent-free extension period and that delegation is given to the Director of Commercial Services to approve these lease extensions.
2. The provision of further financial support to be exercised subject to and in consideration of the state aid rules.
Report author: Conrad Heald
Publication date: 31/01/2021
Date of decision: 17/11/2020
Decided at meeting: 17/11/2020 - Council