Agenda item

Report of the Town Clerk.

The Committee considered a report of the Town Clerk concerning amendments to Standing Orders to clarify the governance arrangements relating to the disposal of property and to enable the Corporate Asset Sub-Committee to be part of the decision making process for the disposal of operational property which has been declared surplus to requirements.

RESOLVED - that approval be given to the following amendments to Standing Orders (highlighted in italics/underlined):-

56. FreeholdDisposals

1.       Disposals of freeholdssubject to2000 year leases and of formerfreehold highwayland shall besubject totheapproval of the PropertyInvestment Board (investment property assets) or the Finance Committee (for non-investment property assets).

2.       All otherfreeholddisposals shallrequire thefollowingapprovals:-

*Or a Sub-Committee of the Finance Committee, if so delegated

57.   LeaseholdDisposals/Surrenders

1.       All lettings shall be subject to thefollowing:-

a.       lettingsfor aperiodof 25 years or less, includinglease renewals and the grant of easements, wayleavesand similar arrangements as well as all rentreviews, shallbe solelysubjectto the approval of the Committee havingcontrol of such propertyor anyproperlyauthorised Officer:-

b.       the grant of anylease at less thanfullrack rental valuefor aperiod of 175 years or less(includingoptionalextensions of term) shallrequire theapproval of the PropertyInvestment Board (investment property assets) or the Finance Committee (for non-investment property assets), anypremiumbeing subjectto theapproval of the followingCommittees:-

*Or a Sub-Committee of the Finance Committee, if so delegated

(1) Forthe purposeof these StandingOrders‘receipt’means receiptby theCityof London Corporation.