Decision

1.         
The recommendation is to accept the below
provisionally agreed terms for the surrender of the Council’s
long leasehold interest in the head lease:
 

a)   
The Council shall relinquish its leasehold interest
in the head lease in favour of the freeholder, Light and Life Full
Gospel Fellowship on legal completion of the surrender.

b)   
The Fellowship will pay a one-off capital sum of
£75,000 (exclusive of VAT) to the Council

c)    
The Surrender will be completed by 28 February 2025
following which the Council will reserve the right to reconsider
the valuation and surrender price.

d)   
The surrender is subject to contract and the grant
of the appropriate Council authority.