RESOLVED:

i)             That Ludlow Assembly Rooms are granted a 30 – year lease (Lease1) as explained in 4.3 of the report, of the whole building on terms which as far as possible mirror the existing 1992 lease in terms of user restrictions and repairing obligations, with delegated authority to the Head of Business Enterprise and Commercial Services to agree final terms of the lease and to complete the transaction.

ii)            That the Landlord and Tenant will, within 3 months of satisfactory completion of the said three projects highlighted within the report, enter into a 123 year CAT lease (Lease 2) on full repairing and insuring terms, with the Head of Business Enterprise and Commercial Services to agree final terms of the lease and to complete the transaction.