Meeting documents

To consider a joint report by the Head of Finance and Asset Management and the Head of Legal and Support Services (Reference 11/343) attached.

That the Leader authorise entry into a Supplemental Agreement with Benchmark Leisure Limited in accordance with the authority provided to him by Council on 24 March 2011, on terms that enable the development agreement to continue until 8 September 2011, and then be extended further subject to Benchmark Leisure by 8 September 2011:

(a)   submitting a satisfactory waterpark planning application (in accordance with a specification that is appended to the agreement)

(b)   entering into a binding agreement for a lease with Alpamare for the operation of the Waterpark

(c)   paying the sum of £3.27m to enable agreement that Phase 1A of the development is completed, on condition that the Council at the same time dispose of the freehold interest in Phase 1A for the agreed consideration for that interest.

Subject to this being achieved the agreement will thereafter continue until 8 September 2012 by which time Benchmark are required to have:

(d)   entered into an unconditional contract or contracts for the construction and fitting out of the Waterpark in accordance with the Waterpark Specification

(e)   completed funding agreements to fund the Waterpark

(f)     materially started to construct and diligently proceed with the construction of the Water park so that the Waterpark will be open to the public by 31 March 2014.

Subject to this being achieved the Agreement will continue to 8 June 2016.