Attached (KKG Documents 12 and 12a) are a legal agreement and an associated map drawn up between Spelthorne Borough Council, and two bodies associated with horseracing: The Horserace Betting Levy Board (a statutory company established to promote the sport of horseracing, whose funding comes from a levy on the horse racing business of bookmakers) and Racecourse Investments Limited, a Jockey Club Company.
This agreement – the Covenant – is the one referred to in the letter which Kempton Park distributed to residents of Lower Sunbury in November. It was drawn up in 2005 after Spelthorne Council disposed of its leasehold interests at Kempton Park. The agreement expires in 2030.
The important section of this agreement for our purposes is in Schedule 1 starting on page 12. If the two parcels of land outlined in green on the map are developed before 2030 (the Trigger Event) then the three parties to the agreement will be entitled to one-third each of the increase in the value of the land.
These two parcels of land sit right in the middle of the area which is proposed for development at Kempton Park (see KKG – Document 6 distributed earlier). It appears that there were protracted negotiations last year between Spelthorne Council and The Jockey Club concerning the sum of money flowing from this Covenant, and other sums of money required for the redevelopment of Sunbury Cross and other matters.
As ever, these documents are in the public domain. Please feel free to pass them on.
Please encourage your neighbours to join the mailing list.
There is more to come, in due course, over coming weeks.
Keep Kempton Green