Decision details

To receive the latest update on the development including sales strategy and loan facility agreement.

That delegated authority be given to the Executive Director of Place, after consultation with the S151 and Monitoring Officers, to:

(a)  grant consent for disposals of individual flats and commercial leases and release of property charges, having first ensured that appropriate market valuations  and terms have been secured and that minimum loan to value ratios are maintained as set out in the Facility Agreement;

(b)  amend the SUR Old Library (Residential) Facility Agreement to enable the offsetting of current costs against current revenues; and

(c)  vary the loan repayment amounts and dates to take into account the prevailing sales strategy.