Decision details
RHYL WATERFRONT DEVELOPMENT: PHASE 1B COMMERCIAL ELEMENTS
Decision Maker: Cabinet
Decision status: Recommendations Approved
Decision:
RESOLVED that Cabinet approve in
principle, subject to final negotiation and legal agreement, the proposal set
out to enter into lease agreements to support the development of a 73 bedroom
hotel, pub and restaurant as part of the Rhyl Waterfront regeneration
scheme. Specifically to approve in
principle –
-
that the council undertake back to back leasing
agreements for 25 years to support the development of a 73 bedroom hotel,
family pub and restaurant on the Rhyl Waterfront, subject to final agreement
and receipt thereafter of a profit rent rising with RPI inflation every five
years
-
to delegate authority to complete the final
negotiations to the Section 151 Officer and Monitoring Officer, with the final
agreement to be approved by the Leader of the Council (as portfolio holder),
assuming that the final agreement is not materially worse than the terms set
out in this report
-
to agree to the transfer of the freehold site at no
cost and for the developer to offset the estimated value of the capital receipt
resulting from the sale of the pub/restaurant against the cost of developing
the entire site and the hotel
-
to agree to the establishment of a reserve into
which the profit rent will initially be placed.
This will accrue funds that could be used to mitigate the council’s
future financial risk. The reserve will
be reviewed periodically by the S.151 Officer who will make recommendations
about its future use.
Publication date: 02/03/2017
Date of decision: 28/02/2017
Decided at meeting: 28/02/2017 - Cabinet