(i)        That the Council to enter into a conditional contract to lease the Town Hall Car Park to Hawkstone PLC on the terms set out in the submitted report;

(ii)       That the Chief Executive of the Torbay Development Agency be instructed to negotiate terms of a conditional contract to grant a 199 year lease with an annual ground rent of not less than £50,000 plus existing car parking income (rent to be reviewed every 5 years, upwards only) together with a substantial capital receipt or a capital receipt of not less than £2.5 million, provided that such an arrangement is confirmed by the District Valuer to be in the best financial interests of the Council;

(iii)      That the contract to lease the land be subject to the developer achieving a detailed planning approval for a food store development together with associated car parking. The developer to submit a detailed planning application within 6 months and the development should be commenced within 12 months of planning approval;

(iv)      That the terms of any contract shall not result in a reduction of the number of parking spaces currently available for the public on the site;

(v)       The remaining terms of the contract negotiated shall be approved by the Deputy Mayor;  and

(vi)      The approval to be subject to contract, planning approval and the TDA obtaining an independent valuation of the scheme so as to ensure the Council has (and is been seen to have) obtained best value. In the event there are changes to either the proposed scheme or the contract terms after the terms are agreed that further independent valuation advice will be sought.

For the Council to enter into a lease agreement to allow the development of the Town Hall Car Park, Torquay.

The Council is seeking a step change in the pace of regeneration and strives to support proposals that lead to job creation in Torbay.  This decision leads to the delivery of retail investment in Torquay Town Centre where it would encourage shoppers to adopt a town centre first approach and thereby best support other town centre retail businesses.

Alternative options are set out in the submitted report.  An amendment was also proposed and considered during the Council meeting – please refer to the Council minutes for 6 February 2013 for further details.

This decision will come into force and may be implemented on 19 February 2013 unless the call-in procedure is triggered (as set out in the Standing Order in relation to Overview and Scrutiny).

The submitted report set out proposals for the authorisation of a lease to a developer who wishes to promote a food retail development on the site of the Town Hall Car Park, Torquay.  The proposal will make best use of the Council assets and will ensure the Council obtains best value.

The Mayor declared a pecuniary interest as he owns property close to the Town Hall Car Park and withdrew from the meeting.

Councillor Stocks declared a non pecuniary interest as she is a trustee of Torbay Shopmobility.