Issue details
Commercial Lease Guarantee - Tower Hamlets Homes
The decision is requesting that the Mayor:
a) Agree that the Council may act as Guarantor under the commercial lease for office accommodation in favour of Tower Hamlets Homes Limited; and
b) Delegate to the Chief Executive, following consultation with the Corporate Director, Place and the Corporate Director of Governance and Monitoring Officer, the authority to enter into the Sub-lease and any other documents (including Agreement for Lease, Licence to Underlet, Licence to Occupy and Licence to Alter) necessary to give effect to the above decision.
Decision type: Key
Reason Key: Expenditure or Savings of over £1 Million;
Decision status: Recommendations Approved
Wards affected: (All Wards);
Notice of proposed decision first published: 06/06/2018
This decision will be taken under urgency procedures.
Reason for urgency:
Terms have been agreed for a sublease of the premises to THH. The Council is requested by THH to be a party to the documents, as well as acting as guarantor for Tower Hamlets Homes. Fit out works have been undertaken by THH in anticipation of the legal documents being completed and THH staff are ready to move.
All parties involved require the agreement for lease and ancillary documents to be completed before the end of June. Failure to do so is likely to pose a significant risk and seriously prejudice the public’s interest.
[further details in the merged form]
Anticipated restriction: Part exempt (Part of the report will be exempt) - View reasons
Explanation of anticipated restriction:
An appendix to the report will contain commercial information in relation to the proposal.
The premature publication of this information could prejudice Tower Hamlets Homes and the Council in securing the premises on the negotiated terms, which remains subject to contract. In the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing it.
Decision due: Not before 14th Jun 18 by Mayor's Executive Decision Making
Lead member: Councillor Sirajul Islam Cllr.Sirajul.Islam@towerhamlets.gov.uk
Lead director: Corporate Director, Place
Department: Place
Contact: Richard Chilcott, (Acting Divisional Director, Property and Major Programmes) Email: richard.chilcott@towerhamlets.gov.uk.
Consultation process
Internal Consultation has taken place.
Consultees
Consultation has taken place with the Mayor, Cabinet Members for Housing and Resources and the Chair of the Overview and Scrutiny Committee.
Has an Equality Analysis been carried out and if so the result of this Assessment?: N/A
What supporting documents or other information will be available?: N/A
Agenda items
- 18/06/2018 - Mayor's Executive Decision Making Commercial Lease Guarantee - Tower Hamlets Homes 18/06/2018