Refreshing Town Centre

Disposal of assets

The applicant must secure the County Council’s written consent to any disposal of the property or change of end tenant within 5 years of the final payment of grant.

The County Council will seek to register an interest in the funding aided property with the Land Registry by either a restriction or legal charge. In the case of unregistered land where the option of a restriction is not available there may be a requirement for a legal charge at all times. This process will alert the County Council to any change in the ownership or lease of the property.

The Council will wish to ensure that no changes are made to the grant aided work and will not unreasonably withhold any consent but may require that the grant be repaid in part or in whole and this will be determined in consultation with the UK Government.

The Council will not unreasonably withhold such consent but may require that the grant to be repaid in part in line with the following:

Date of disposal of asset(s) Amount to be repaid
Within 1 year Funding to be repaid in full
Within 2 years 80% of funding to be repaid
Within 3 years 60% of funding to be repaid
Within 4 years 40% of funding to be repaid
Within 5 years 20% of funding to be repaid
After 5 years No funding to be repaid

The above are minimum repayment requirements.