Decision details

Executive considered the report of the Portfolio Holder – Economic Development which sought endorsement for urgent decisions made in respect of existing rent agreements with business tenants in Council-owned Commercial Property. Arrangements were also proposed for a future decision making process for any similar circumstances in the future.

Moved by Councillor Liz Smyth and seconded by Councillor Sandra Peake

RESOLVED that

1)   Executive endorse the previously agreed decisions as set out at 1.4 in the report.

2)   the Director of Development be authorised to reach further agreements on ‘rent-reductions’ or ‘rent-free’ periods with the Council’s commercial tenants following consultation with the Section 151 Officer, the Leader, Deputy Leader and Portfolio Holders for Economic Development and Finance until the 31^st March 2021.

3)   the criteria for the decisions on each case as outlined in paragraph 2.5 of the report are approved for use in future decision making under recommendation 6.2.

4)   regular reports on the expenditure on ‘rent-reductions’ or ‘rent-free’ periods are periodically reported to Executive to allow further consideration of the commercial desirability of this type of assistance for the Council’s business tenants.   

REASON FOR DECISION:

The proposals were to protect the Council’s own commercial interests as well and safeguarding jobs and seeking to protect the local economy.

OTHER OPTIONS CONSIDERED:

A ‘do nothing’ and a ‘do less’ option were rejected with regard to corporate priorities for the economy including: working with partners to support enterprise, innovation, jobs and skills; making the best use of our assets; and ensuring financial sustainability and increasing revenue streams, recovery from Covid-19 economic affects plus protecting the sustainability of the Council’s own financial position.