The Executive approved the grant of a new 5-year lease at less than best consideration to Yvonne Arnaud Management Limited at Old Town Mill.
Reason(s):
To support Yvonne Arnaud Management Limited.
Other options considered and rejected by the Executive:
1. Terminate the Tenancy at Will with immediate effect. This option did not give YAM Ltd. sufficient time to vacate the property and find suitable alternative accommodation to relocate the facility. The Council would acquire a financial liability because the loss of rent would impact the revenue budget and the works required to prepare the building for reletting would impact the capital budget.
2. Propose a lease to YAM Ltd.at the full market rent of £65,000 per annum. This option exceeded their maximum affordability and restricted their ability to operate the building. As above, the tenant would have to vacate the property and the Council would acquire a financial liability.
Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:
None.