Contact: Kelvin Ridout - Ext: 7356

1. Introduction

1.1. In accordance with paragraph 1.16 of Part 3D of the Constitution, the purpose of this item is to report a decision by the Executive Member for Policy and Resources taken as a matter of urgency in relation to Site D, 36 Brunel Way, Segensworth East.

2. The decision

2.1. The decision was made on 8 August 2003 and notified to all Members of the Policy and Resources Policy Review Committee on 11 August 2003. It was to approve the restructure of the leasehold interest in Site D, 36 Brunel Way, Segensworth East and to authorise the Director of Property, Business and Regulatory Services to settle the detailed terms and conditions.

2.2. The reason for the decision to be dealt with as a matter of urgency was to enable the relocation of Seldon Mast Ltd, an expanding local company, whilst ensuring that the County Council's investment income interest is compensated fully by way of a premium for the restructuring of the ground lease to an annual peppercorn rent, and an additional premium in lieu of the variation of a key clause in the headlease.

RECOMMENDATION

That the report be noted.

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