Issue details

Darlington Covered Market Lease Agreement with Market Asset Management Darlington (MAMD)

As a result of COVID and other challenges in the retail market, Market Asset Management Darlington approached DBC for financial assistance to ensure they could continue to trade and deliver the refurbished Market (circa £1.8m investment by MAMD).

To assist MADM with cashflow it was agreed that loan interest and principle charges would be deferred until 1 April 2022 at which time, full repayment of the loan would commence on a 10-year term therefore there is no financial impact on the council as the loan is still to be repaid in full.

To give direct financial assistance, a discretionary grant of £40,000 was approved from the Council’s discretionary business grant scheme and a two-year rent free period (cash to the Council £20,000) was agreed.

Decision type: Non-key

Decision status: Recommendations Approved

Notice of proposed decision first published: 20/07/2020

Decision due: 7 Jul 2020 by Managing Director

Contact: Paul Wildsmith, Managing Director Email: [email protected].

Consultation process

All of Cabinet.

Decisions