Kirklees Council is selling its interest in the Kingsgate shopping centre car park.
Cabinet members backed the deal in a private session.
Few details have been made public, but the council agenda was updated with five points which say: “That the proposals for the management of Kingsgate Car Park, as described in the considered report, be approved.” The report has not been made public.
It adds: “That the Assistant Director (Regeneration and Investment) be authorised to negotiate and finalise the arrangements for WD Kingsgate to buy out the Kingsgate Car Parking Management Agreement dated March 2002 on the terms as set out within the report. That the Assistant Director (Legal and Governance) be authorised to execute any necessary documentation to give effect to the approved recommendation.
“That it be noted that the offer as described in the considered report is fair and reasonable and removes any risk and future liability from the Council.
"That it be noted that, whilst reducing the Council’s liabilities, the proposals would enable Kingsgate to utilise any surplus it makes from parking income in the future to reinvest in the centre, or secure future development investment.”
The Kingsgate Centre opened in 2002. Plans to extend it have long been mooted but setbacks have included the economic downturn and the sale of the Palace Theatre, part of the proposed extension, to a third party.
