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