Decision details

To outline and seek approval of the proposed final terms of the legal contract between the Council and Nikal Limited and Media Invest Entertainment (MIE), (‘the Developer’) for the delivery of the ‘Blackpool Central’ scheme

1.      To approve that the Council enters into the legal contract ‘Sale Agreement relating to Blackpool Central’ with the Developer. This overarching agreement includes Conditional Agreement to Lease between the Council and the Developer for the area of land to deliver the Enabling Phase / Multi-Storey Car Park (MSCP) of the scheme, together with a number of Option agreements which will enable the drawdown of subsequent areas of the site, to deliver Phases 1, 2 and 3 of the Blackpool Central scheme.

2.      In accordance with the above agreement, to approve that the Council enters into the subsequent 250 year long lease arrangements for the land for each relevant phase of the development (subject to satisfactory completion of the required Conditions and the request to drawdown sites by the Developer).

3.      To note that under the terms of the above agreement and in accordance with the Conditions relating to delivery of the Enabling Phase, the Council and the Developer have agreed to negotiate and agree the ‘MSCP Agreement for Occupational lease’. This will result in the Council taking a lease back from the Developer for the new Multi-Storey Car Park, the Heads of Terms for which have been previously agreed but require final approval upon appointment of a successful Investor.   

4.      In addition to the above, to delegate authority to the Head of Legal Services to enter into any proposed legal agreements relating to the scheme.