Issue - decisions
Authority to enter into a Lease agreement with an Asset Special Purpose Vehicle in relation to the purchase of a block of apartments at the Telford Homes Bus Garage
24/02/2022 - Authority to enter into a Lease agreement with an Asset Special Purpose Vehicle in relation to the purchase of a block of apartments at the Telford Homes Bus Garage
That the Director of Finance, in consultation with the Lead Member for Finance and the Operational Director of Property and Assets:
i) Approves the Council entering into a 50 year lease agreement, with a 949 year reversion option with AG Homes 2022 -1 Limited, an Asset Special Purpose Vehicle for the purchase of 155 apartments at the Telford Homes Alperton Bus Garage Development, entry into such lease agreement to be triggered by confirmation by Finance Officers of acceptable finance rates.
ii) Notes the conditions of the lease and agrees that the delivery of the development will be monitored at both Design and Delivery and the Housing Care Investment Boards.