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RiverOak’s proposed CPO deal with TDC

I would be most grateful for any of you who are legally or contractually minded to have a quick look at this document. It’s the Heads of Terms for CPO Indemnity Agreement between Thanet District Council and the newly formed RiverOak Aviation Associates LLC.

I am not legally or contractually minded, but it appears to me at first glance that (1) RiverOak are in a tearing hurry, and (2) the risk is loaded on to TDC. Do let me know if I’m right or wrong.

Riveroak’s Terms for CPO Agreement with TDC

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  1. Like you I am not an expert but this only relates to the purchase. There is no long term commitment so we could be in the same position in a couple of years and I suspect that the reason River Oaks offer was not accepted is that there is more value in the land and they know it. Far more money will need to be spent for the airport to be remotely viable and there is no guarantee that River Oak have it or are prepared to spend it. The TDC commissioned report stated that the airport was not viable as it is.

  2. Are Riveroak jumping the gun andassuming that they will be the preferred partner? According to the TDC website as part of the testing the market "The third and final stage will then involve face to face sessions which would be likely to take place in mid-September, although the exact details are still to be decided and depend on the level of response to the earlier phases."

  3. It seems to me to amount to buying the council. Taking over certain council duties that best represent their own commercial interest. And leaving a get out cause to pay the council off if they can get a better deal without hijacking council powers.Cllr Iris Johnson next week is scheduled to seek legal advice re introducing a compliance policy at TDC for the statutory reporting duties of Terrorism Law. If such a policy is properly introduced it would require a review of all relevant TDC procedure possibly back to when TDC was created.My own guess is that such a proper compliance with law would involve a review of past process that would effect the contractual conditions TDC could then enter into re Manston. I already hope that TDC will reject the CPO route.