Decision Maker: Leadership Portfolio
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Approval of the terms of a Supplemental Agreement relating to Phase 3a of the Sands negotiated with Benchmark Leisure Limited and authority to enter into the Agreement. The negotiated terms of the Supplemental Agreement are:
1. Agreement to an amendment to the final form of lease of the Phase 3a Land to be granted pursuant to the Development Agreement dated 6 December 2002 in that Benchmark agree to pay a proportionate sum towards street lighting in Northstead Manor Gardens.
2. Agreement that if practical completion of the new Tea Rooms is not achieved by 31 December 2008, the Council may enter the property and complete the necessary works at Benchmark’s expense.
3. Agreement to the final extent of the property comprising Phase 3a in accordance with the terms of the original Development Agreement.
4. Agreement that Benchmark receive a 10% return on the capital that it used to fund the Phase 3a development itself (excluding money provided by any third party funder or bank) to be taken from the rent payable in respect of any contractual arrangements with occupiers of properties within the Phase 3a area. The return will be payable on all such sums due from 4 April 2008, when Practical Completion of the new Railway Station was achieved.
5. Formal approval by the Council of the Specification and proposals for Phase 3a in accordance with the terms of the Development Agreement.
6. Agreement that the Council and Benchmark enter into a management agreement in respect of the North Bay Miniature Railway to avoid duplication of the landlord’s estate management role of the North Bay Miniature Railway.
Publication date: 23/07/2008
Date of decision: 22/07/2008
Decided at meeting: 22/07/2008 - Leadership Portfolio