Content

The Joint Strategic Director of Economy,
Planning and Place authorises the execution and entering into of
the revised version of the Car Park Underlease and any associated
agreements.
See the attached report for further detail.

Reasons for the decision

The recommendation is required to enable the
Council to enter into the revised underlease for Brightwells Yard
Car Park, in accordance with the terms of the Development
Agreement.

Alternative options considered

OPTION 1 (Recommended): The Council proceeds
with taking the underlease in accordance with the Development
Agreement and the decisions which have previously been made. The
underlease negotiations have minimised the risks to the
Council.
OPTION 2: The Council does not to take the underlease. However,
given that the works have been completed, this would put the
Council in breach of the Development Agreement and it is possible
that Crest Nicholson could take legal action against the Council in
respect of this breach. The Council would not receive the
£300k premium from Crest Nicholson due upon completion of the
underlease, or the anticipated income. This is not
recommended.