Issue - meetings

The Cabinet:

1.1.         Noted the current position on the development of the Medium-Term Financial Strategy and the next steps.

1.2.         Noted the feedback from the Overview and Scrutiny Committee meeting on 4 October 2022

1.1  That Cabinet agreed and recommended to Council that:

a) Lichfield District Council enter a joint venture Limited Liability Partnership (LLP) with Evolve Estates(subject to any issues identified in relation to financial standing and independent valuation of theDebenham’s building being satisfactorily addressed) for the purposes of developing a new cinemaand associated food and beverage units in the former Debenhams store on the Three Spires retailsite.

b) Delegated authority be granted to the Leader and Chief Executive Officer to finalise the details ofthe LLP in consultation with the Monitoring Officer and S151 Officer subject to financialimplications remaining within the budget framework recommended for approval below.

c) To approve the Leader and Chief Executive being the Council’s representatives on the LLP board.

d) The Medium-Term Financial Strategy is updated to include:

• A budget in the Capital Programme for the Joint Venture loan advance totalling £5,349,000 (including £400,000 being funded by the UKSPF).
• To fund the capital investment through UKSPF funding of (£400,000), the capital receiptfrom the sale of Venture House of (£850,000) (an increase from the Review of ReservesReport recommendation of (£650,000) and the strategic priorities earmarked reserve of(£4,099,000).
• A BRS enabling works budget of £1,070,000 (a reduction from the Review of ReservesReport recommendation of £2,000,000) funded by the strategic priorities earmarkedreserve of (£1,070,000).
• At this stage, the Revenue Budget will be based on a budget neutral (no surplus or deficit isincluded) position until the projections included in this report have been reviewed. Any future changes following independent review will be reported in line with the Council’s budget monitoring and any budget approvals will be in line with the budget framework.