Decision

RESOLVED
that:
 
A   
Cabinet delegated authority to the Director for
Facilities and Assets to agree terms and thereafter procure the
legal completion of new commercial leases, subject to the Executive
Director (Regeneration and Community Focus) being satisfied
that:

 
            
i)       
the subject property isn’t required by the
council over the duration of the proposed lease for operational
purposes;

 
           
ii)       
the terms of the proposed lease are at or better
then open market value;

 
          
iii)       
entering into
the proposed lease would not reduce the retained
capital value of the subject property; and

 
          
iv)       
entering into
the proposed lease would not impede the council in
delivering its policy objectives (for example its programme of town
centre regeneration).
 
B     
Cabinet agreed the following financial limits for
the grant of commercial leases:

 
            
i)         
Up to £150,000 total lease value –
Approval by the Executive Director (Regeneration and Community
Focus);

 
           
ii)         
From £150,000 - £500,000 - Approval by
the Executive Director (Regeneration and Community Focus) in
consultation with the relevant Portfolio Holder; and

 
          
iii)         
Above £500,000 – Approval by
Cabinet.