Decision details

Completion of a Revised Profit Share Arrangement between B&NES Council and the Thermae Development Company (TDC)

Decision Maker: Chief Executive

Decision status: Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

On 13 February 2018 Council resolved to delegate to the Chief Executive in consultation with the Leader of the Council a decision to revise and simplify the means by which the profit share calculation between the Council and TDC operates.

Decision:

1. To agree that with effect from Year 13 (2017/18 TDC Financial Year) the TDC profit share to be amended to a total of 10.5% of annual turnover.

2. To approve revisions to the Lease and Water Supply Agreement to reflect the revised profit share above.

3. Approve the final calculations for the Year 11 and Year 12 Profit Share sum by applying the 10.5% of turnover approach retrospectively to these years as set out in Appendix 1 of the Decision Report.

Alternative options considered:

None

Publication date: 23/01/2019

Date of decision: 22/01/2019