Decision - Grant of new leases Shoreham Airport

That Committee notes the approach made by the administrators and authorises:- 

1)        The surrender of the existing head leases.

2)        The grant of a new 350 year lease on the whole site outlined red on the plan at Appendix 1 in return for:

(i)            the payment of the £1 million outstanding debt owed

(ii)          the payment of a lease premium detailed in the part 2 report

(iii)         the dedication of approximately 8 acres of land to facilitate the Environment Agency’s flood defence project        

(iv)         dedication of land for a memorial garden for the Shoreham Airshow Crash

Such lease to contain a wider user clause than the existing lease to enable commercial use and development of the land shown coloured blue on the plan at Appendix 1, and permit the underletting of further parts of the airport as shown on the indicative lotting plan at Appendix 1. 

3)        That the Committee delegates agreement of the detailed lease terms and all other steps necessary to enable the proposals outlined in this report to proceed to the Executive Director Economy Environment & Culture and Assistant Director of Property.

4)        That Committee notes that the two previous schemes approved by Policy & Resources Committee on 1 May and 16 October 2014 are no longer proceeding.