Decision details

The Executive Leader, Councillor Alistair Bradley, presented the confidential report of the Director of Commercial Services which updates Members on the current lettings position and final costs of the project. 

Councillor Bradley commented on the buzz within the town centre on the Friday before Christmas with the opening of the cinema and escape, which had had a positive impact on many of the retailers within the town centre.  

The Leader of the Opposition, Councillor Martin Boardman, queried the current revenue forecast and noted that details set out in paragraph 53 of the report resolved the query. 

The Executive Leader, Councillor Alistair Bradley proposed and the Deputy Leader, Councillor Peter Wilson seconded the majority Decision –

1.         To approve the agreement of Heads of Terms with a retailer for Units 2&3 combined in the Market Walk Extension.

2.         To authorise the Director of Governance to prepare and complete an Agreement for Lease (if required) and Lease based on the agreed terms with the retailer.

3.         That the Director of Commercial Services have delegated authority to agree any minor changes to these Heads of Terms, such delegation to be exercised in consultation with the Executive Member for Resources.

4.         That the Director of Commercial Services have delegated authority to agree Heads of Terms for units 4 & 5, such delegation to be exercised in consultation with the Executive Member for Resources.

5.         To authorise the Director of Governance to prepare and complete an Agreement for Lease (if required) and Lease based on the agreed terms with tenants for Unit 4 & 5 as above.

6.         To approve additional capital budget to fund variations to contract expenditure. These mostly relate to tenant variation requirements and some of the budget will be recharged to tenants.

7.         To approve additional capital budget to fund foreseeable works combining units 2&3 and 4&5 and requirements of incoming tenants.

8.         To approve additional capital budget incurred in the delivery of the final Market Walk scheme and associated works. This figure includes a CIL payment which is an obligation of the development.