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Issue - meetings

Update in relation to the impact of Covid 19 on the City of York Council’s Commercial Property Portfolio

Meeting: 27/10/2020 - Decision Session - Executive Member for Finance and Performance (Item 31)

31 Update in relation to the impact of Covid 19 on the City of York Council’s Commercial Property Portfolio pdf icon PDF 597 KB

This report sets out the performance of the council’s Commercial Portfolio in 2020 highlighting the impact of Covid-19. The report also sets out measures taken to support tenants and identifies the resulting financial position and the level of vacancies in the estate.  The report includes an update on the situation on Spark York which was reported to the Executive Member, prior to the Covid-19 outbreak in the UK, on 14 February 2020.

 

Additional documents:

Decision:

Resolved: That;

 

                                         i.    the position and the support that the City Council has provided to the businesses within its commercial property portfolio in relation to the COVID-19 situation be noted;

 

                                        ii.    the impact of COVID-19 situation on the previously agreed lease to Spark:York be noted and that agreement be given to the removal of the obligation upon Spark:York to provide a deposit/bond payment and guarantee from one of its directors as part of the pre requisites originally required for the grant of a further lease.

 

Reason:     To note the current impact of Covid-19 on the City Council’s commercial property following the grant of rent deferments, as set out in the report and to provide Spark York with further support and financial viability for their short term use of 17-21 Piccadilly.

 

Minutes:

The Executive Member considered a report that set out the performance of the council’s Commercial Portfolio in 2020 highlighting the impact of COVID-19. The report also detailed the measures taken to support tenants and identified the resulting financial position and the level of vacancies in the estate.  The report included an update on the situation on Spark:York which was reported to the Executive Member, prior to the COVID-19 outbreak in the UK, on 14 February 2020.

The Assistant Director for Regeneration and Asset Management noted the impact of COVID-19 on the hospitality sector and added that Spark:York had played an important role over the summer and had asked for amended terms of its lease.

 

The Executive Member welcomed the recommendations and acknowledged the contribution of Soark:York for business start-ups and how it had added to the vibrancy of the city centre over the summer period. He noted that they had also complied with planning conditions.

 

He then:

 

Resolved: That;

 

                                         i.    the position and the support that the City Council has provided to the businesses within its commercial property portfolio in relation to the COVID-19 situation be noted;

 

                                        ii.    the impact of COVID-19 situation on the previously agreed lease to Spark:York be noted and that agreement be given to the removal of the obligation upon Spark:York to provide a deposit/bond payment and guarantee from one of its directors as part of the pre requisites originally required for the grant of a further lease.

 

Reason:     To note the current impact of Covid-19 on the City Council’s commercial property following the grant of rent deferments, as set out in the report and to provide Spark York with further support and financial viability for their short term use of 17-21 Piccadilly.

 


 

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