Agenda item

Indoor Arena Update


Appendices 1 – 10 of this report and other legal advice referred to in this report or the appendices are not for publication as they contain exempt information of the description contained in paragraphs 14 of part 4, paragraph 16 of part 4 Schedule 12A, and paragraph 21 of part 5 of Schedule 12A of the Local Government Act 1972.




i)         progress with the procurement process to secure a developer/operator consortium to deliver the new Indoor Arena be noted;


ii)        authorisation be given to the acquisition of the RDC investment in line with the independent valuation and purchase report attached at Confidential Appendix 7 and the payment schedule attached at Confidential Appendix 9 and in accordance with the legal advice provided at Confidential Appendix 4;


iii)       agreement be given to the deferred payment set out in Confidential Appendix 6 payable in the event that a new Indoor Arena is brought forward on the Atlantic Wharf site illustrated by the red line boundary in the plan attached at Confidential Appendix 1; 


iv)       it be noted that authorising the acquisition of the Red Dragon Centre investment will trigger the Indoor Arena affordability envelope, originally agreed as part of the Council approved Budget in February 2019, and therefore requiring relevant adjustments to the Budgetary Framework for 2019/20 agreed by Council in February 2019.




v)        Approval be given to a new financial strategy as part of the procurement process as to the available funding models which bidders are able and required to submit their final tenders on and, for any grant and/or income strip commitment the Council may be required to provide as detailed in this report and set out in Confidential Appendix 3; and


vi)       authority be delegated to the Director of Economic Development to appropriate land for planning purposes as set out in this report.


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