Decision details

Consideration was given to the Tatton Park Business Development Phase 1.

RESOLVED

1. That Officers be permitted to, in consultation with the Portfolio Holder to complete negotiations on:

a)     Heads of Terms for a Land lease of the attraction site (shown in attached plan, at Appendix 2 of the report) to a single venture company – a company with appropriate site rental conditions and turnover rent derived from visitor number levels.

b)      Heads of Terms on a Loan to the single venture company including appropriate security measures and step-in rights

The above would be subject to the terms and conditions as outlined in paragraph 2.1 of the report.

2.      That Officers be permitted to negotiate and complete the legal documents necessary or desirable to effect the Lease and Loan, protecting the Councils position as landlord and its position as lender on terms as approved by the Borough Solicitor and Borough Treasurer and to obtain external legal and consultancy advice and support as required by them.

3. That Officers be permitted to commission the general infrastructure capital project  and to release the Loan, in accordance with the terms of the Loan agreement.

4. That the Capital Programme from the current figure for Tatton Development be revised, in accordance with paragraph 2.4 of the report.