As one has come to expect with the Pleasurama development the press and public will be excluded, as the existing development agreement is in the public domain it is a little hard to understand why.The detail of this agreement state:
1. On exchange of the development agreement, the developer will pay a deposit of £55,000.
2. Following exchange of the development agreement, within 3 months, the developer will enter into a highways agreement with Kent County Council as specified in the planning permission. The works refer to a new roundabout and bus lay-by in Marine Esplanade.
3. The Site Lease Completion Date is the date 10 working days after the date of completion of the Highways Agreement.
4. On the Site Lease Completion Date:
a. The developer is to pay £550,000 to the Council which will include the deposit of £55,000.
b. The Site Leases of the hotel suite, the mixed use site and the residential premises will be granted to the Developer.
c. The developer will enter into an option agreement in favour of the Council, whereby the Council will be granted an option to aquire the Developers interest in the hotel site and the cliff stairway lease.
d. The Developer will provide a £5.6m performance bond in favour of the Council.
5. SFP Ventures (UK) limited is not entited to assign the Development Agreement.
Update I have discovered cabinet will be considering whether to be flexible over the need for a completion bond. Why they would even consider this is beyond me.
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