37.1 The Lead Member considered a report by the Chief Operating Officer, together with exempt information contained in a later agenda item.
[Post-meeting note: Councillor Daniel, the Local Member, indicted his full support for the recommendations]
DECISIONS
37.2 The Lead Member RESOLVED to (1) agree to the proposed lease extension and terms in respect of the letting of The Arches 1-3, Braybrooke Terrace, Hastings, contained in the exempt report at a later agenda item; and
(2) delegate authority to the Chief Operating Officer to approve the final lease negotiations and take any other actions considered appropriate to give effect to Recommendation (1) and to secure best value in accordance with the Local Government Act 1999.
Reasons
37.3 To meet future grant funding, it has been identified that some funding providers are asking for a minimum of a 20 year term to secure against, and similar funding programmes are expected to be released over the next two years. The existing lease has less than 10 years remaining and therefore a 25 year will allow Project Art Works (PAW) to be able to qualify for funding over the medium term. If the longer lease term is not secured, the risk is that significant funding will be not be achieved.