Decision

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.