Asset Management, Culture & Housing Cabinet Member – Minutes – 6 March 2015
The corresponding report of the following item (Minute 141 refers) contains exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended).
141 (41) HUMBERSIDE INTERNATIONAL AIRPORT OPTION AGREEMENT – The Director of Places submitted an urgent report seeking approval for the exercise of the option requiring Humberside Airport to acquire the interest held by the council in three acres of land at the airport.
In 2012 and in lieu of a debt owed by Humberside International Airport (HIA) to the council, it was agreed that a 250 year ground lease of three acres of airside land at the airport would be taken by the council at a peppercorn rent.
In addition, the council entered into an option agreement with HIA. The agreement contained the provision that if the value of the three acre site was not equivalent to or did not exceed an amount by December 2014, then the council could exercise the option and require the HIA to purchase the council’s interest, full details were set out in the report.
If the council wished to exercise the option for HIA to purchase the land, the agreement required that this be done no later than three months from 28 December 2014. As such the decision to exercise the option needed to be taken urgently to ensure that the necessary legal formalities were activated before the expiry of the timescale.
Resolved – That the option requiring Humberside International Airport to acquire the interest held by the council in three acres of land at the airport, as detailed in the report, be approved.
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Where there is no report this is because it is exempt, as it contains information which is considered to be of a confidential nature, as detailed in the Local Government (Access to Information) Act.