Purpose

To seek authority to grant a Tenancy at Will followed by a five year contracted out lease of 4 Edward Street, Blackpool, to The Electric Sunshine Project Community Interest Company, trading as The Old Electric, at Less Than Market Value, in accordance with the Heads of Terms at Appendix A (Confidential).

Decision

To approve the grant of a five year contracted out lease of 4 Edward Street, Blackpool, to The Electric Sunshine Project Community Interest Company, trading as The Old Electric, at Less Than Market Value, on the terms set out within the Heads of Terms at Appendix A (Confidential).

That any continuation of the Less Than Market Value arrangement following the third anniversary rent review shall be subject to a new application and the Council's relevant approval process at that time.