Decision

AGREED
that Cabinet:
 

a)      
note and support the proposed approach to create a
usable community space at ground floor and single residential
apartment at upper floors for long-lease sale to the market;

 

b)      
approve amending the existing committed Capital
budget from £353,000 to £373,000 in order to cover the
costs of delivering a) above;

 

c)       
delegate to the Deputy Chief Executive and Director
– Resources authority to enter into a lease with the Lincoln
College Group (LCG) for use of the ground floor and basement as a
Community Information Hub for a minimum period of 3 years and to
proceed with the long-leasehold sale of the apartment at upper
floors, including the imposition of any necessary service changes
for both uses approved;

 

d)      
delegate to the Deputy Chief Executive and Director
– Resources authority to include within the terms of c) above
a rent-free and service charge free period of 12 months, with rent
for subsequent years being jointly sought by the LCG, CVS, and this
Council from any revised Newark Long Term Plan for Towns
(LTPfT) which shall be capped at a
maximum of £9,000 per annum until 31st March 2029;
and
 

e)      
subject to c) and d) above to conclude necessary
fit-out costs for the Community Information Hub, providing the
envelope remains within the revised capital budget of
£373,000.