(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.