Decision details

Securing an Anchor Food and Beverage Tenant for the Cinema Complex (public)

Decision Maker: Cabinet, Council

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No


To consider an update to the Partnership agreement.


  The Cabinet:


1.1          Subject to the receipt of external assurance that the proposed Head of Terms and lease provides Best Value to the Council, approved and delegated authority to the three Council LLP Board Representatives (Leader of the Council, Chief Executive and Chief Operating Officer) to agree on behalf of the Council that the LLP enters a lease with the tenant. The delegation is based on the Head of Terms included in the confidential report, is subject to Council approving recommendation 2.2 of the Cabinet report and resulting financial implications for the Council remaining within Approved Budgets.

1.2      Agreed and recommended to Full Council to update the Medium-Term Financial Strategy:


       To increase the budget in the Capital Programme by £1,700,000 to fund the capital contribution contained within the Head of Terms. The plan is for the borrowing need created by the capital contribution to initially be funded through internal borrowing.


       Then to:


A.    Either allocate the first £1,700,000 of capital receipts generated from the sale of land in the Birmingham Road Site to fund the capital contribution and negate the creation of borrowing need or;


B.    In the event the capital receipt does not reach the £1,700,000 level, or Council does not approve its allocation to this project, to approve the identification of budgetary savings (to maintain the level of Approved risk ‘headroom’) equivalent to the Central Scenario annual Capital Financing Costs by ensuring no increase in the funding gap.


·       To continue the approach that the MTFS is based on a neutral (no surplus or deficit or capital receipts are included) budget position until more informed financial projections are provided through the Business Plan. Any future changes following receipt of the Business Plan will be reported in line with the Council’s budget monitoring and any budget approvals will be in line with the budget framework

Report author: Simon Fletcher

Publication date: 10/04/2024

Date of decision: 09/04/2024

Decided at meeting: 09/04/2024 - Cabinet

Accompanying Documents: