Meeting documents

To consider a report by the Head of Legal and Support Services (Reference 09/447 attached).

That the Leader approve the following:

1.         Entry into a contract with Yorkshire Forward to provide grant funding of £412k to provide funds for the purchase of Unit 1 at the Futurist Theatre and Stamp duty in relation thereto

2.         Payment of £520k to the Tenant to provide consideration for:

(a)       The surrender of the 999 Lease and sublease of Unit 1 at the Futurist Theatre (the Arcade).

(b)       The surrender of the Headlease of Units 2 and 3 at the Futurist Theatre and the covenants related thereto.

(c)        The grant of new leases for units 2 and 3 for a term of 125 years to the Tenant with a covenant for external repair that provides that the state of repair be no better than current condition of the premises.

(d)       Reinvestment costs, including professional fees and stamp duty.

(e)       The discontinuation of proceedings in which the Council was joined as a defendant in relation to disrepair, loss of rent and costs.