Decision details

In July 2023 Cabinet approved the Arena Development and Funding Agreement (DFA) subject to approval of the Funding Strategy at a future meeting of Cabinet.

This report presents that Arena Funding Strategy to Cabinet for consideration and approval. If approved, this will allow the Council to sign the DFA contractual suite of documents to commit the Council to delivery of the Arena

Appendices 1 and 2 of this report are not for publication as they contain exempt information of the description contained in paragraphs 14 and 16 of Part 4 and paragraph 21 of Part 5 of Schedule 12A of the Local Government Act 1972.

RESOLVED: that

1)        the Indoor Arena Funding Strategy as set out within this report and in more detail at Confidential Appendix 2 be approved.

2)        entry into and execution of the Development and Funding Agreement (DFA) previously approved by Cabinet in July 2023, be authorised and in so doing approve any amendments to the legal documentation as may be necessary, for reasons including but not limited to ensuring consistency between them and finalising any outstanding areas of further deeds and documents which are ancillary to the legal documents approved, subject to consultation with S151 Officer and Legal Officers.

3)        It be noted that, subject to entering in to a DFA with the Arena Developer/Operator and approval by Cabinet of the MSCP Business Case at a future meeting, relevant financial implications will be updated in the Medium-Term Financial Plan, Capital, and Treasury Management Strategies to be consistent with this funding strategy, to form a revised affordability envelope.

4)        It be noted that Treasury Management Activities are delegated to the S151 Officer and implementation and review of this funding strategy will be undertaken as part of the annual updates to the strategy and checkpoints in respect to this project specifically as part of post project review.