Decision details

Purpose of Report: Is to update Executive on the Commercial Deal that was agreed by Executive (19th October 2017) regarding the financial receipt due to the Council in respect of disposal and development of land adjoining the Community Stadium.

The Executive are asked to review and approve the request.

It has not been possible to give 28 clear days’ notice of the intention to make the Key Decision. This is because the Executive is needed to make a decision at the time prior to Service Availability of the stadium which is anticipated to be made December 2020.

Resolved:  (i)      That Option 1 be approved, accepting that the three restaurant units are not let at Practical Completion and the associated reduction of £1.375m in capital receipt towards the Stadium project.

                   (ii)      That the additional ongoing Treasury Management costs of £96k, which will need to be incorporated into future years’ budget strategies, be recognised.

Reason:     To ensure that the stadium is fully funded at the lowest risk to finances going forward.