Purpose

A report to seek agreement to meanwhile use for Black Rock, and progression to market for longer term vision.

Decision

1. Cabinet notes and endorses the Black Rock Future Vision and approves the Council’s phased approach to site activation and long-term regeneration.
2. Cabinet approves Bidder 1 identified in the part 2 report as the Council’s preferred bidder for the Black Rock meanwhile-use opportunity, subject to satisfactory completion of due diligence and the negotiation of acceptable commercial, legal and operational terms.
3. Cabinet approves Bidder 2 identified in the Part 2 report as reserve bidder should satisfactory terms not be capable of being concluded with Bidder 1.
4. Cabinet delegates authority to the Corporate Director City Operations to, in consultation with the relevant Cabinet Member, to: a) undertake all necessary due diligence; b) negotiate and finalise Heads of Terms; c) enter into all lease agreements and ancillary legal documentation necessary to implement the recommendations contained within this report.
5. Cabinet agrees that any lease agreement should:

·       be limited to a maximum five-year term;

·       contain appropriate break and termination provisions;

·       require removal of tenant infrastructure at lease expiry;

·       require the site to be returned in a condition substantially equivalent to that existing immediately prior to occupation, at the operator’s expense, unless otherwise agreed by the Council;

·       include agreed social value commitments and monitoring arrangements.