Decision
Analysis
outcome: The Cabinet approved the recommendations for the lease extension, land transfer, and authorization for legal negotiations and formalities.
summary: The decision involves the extension of a ground lease term for Cobalt Business Park North, the transfer of land back to the authority, and authorizing the Director of Resources and Head of Law to negotiate and complete all legal formalities.
topline: The Cabinet has decided to approve the extension of a ground lease and land transfer at Cobalt Business Park North to secure continued investment and development opportunities.
reason_contentious: The issue may be contentious due to potential local stakeholder concerns about the implications of the lease extension and land transfer on the community, investment priorities, and development opportunities.
affected_stakeholders: Local community, business tenants at Cobalt Business Park, local government, potential investors, and developers.
contentiousness_score: 5
political_party_relevance: There is no direct mention of political parties or political influence on the decision in the provided text.
URL: https://democracy.northtyneside.gov.uk/ieDecisionDetails.aspx?ID=386
Decision Maker: Cabinet
Outcome: Recommendations Approved
Is Key Decision?: No
Is Callable In?: No
Purpose:
Content: This report asks Cabinet to consider agreeing to the proposed extension of the term of ground lease. This covers the site of Cobalt Business Park North. RESOLVED: 1) that the extension of an underlease at Cobalt Business Park be authorised; 2) that the transfer of land back to the authority be agreed; 3) that the Director of Resources be authorised, in consultation with the Head of Law, to agreed the legal terms and any reasonable revisions to the terms of the transactions outlined in recommendations (1) and (2) including any changes or dealings needed to the Headlease or freehold title to allow the Underlease extension referred to in recommendation (1) above; 4) that the Head of Law be authorised to negotiate and complete all legal formalities necessary to give effect to the terms of the transactions outlined in recommendations (1) to (3) in accordance with the relevant legal advice and requirements and the Authority’s Constitution and Financial Regulations; and 5) that the Director of Resources be authorised in consultation with the Head of Law to deal with all ancillary matters that may arise that enable the preceding recommendations to be implemented. (Reason for Decision: the recommendation option was considered to be the best way to secure continued Investment at the Park and to assist in bringing forward further development opportunities.)
Date of Decision: February 19, 2024