Decision Details

This report presents the details of a cultural proposal within the City Centre, leading an application to the Arts Council and providing accountable body services should that application be successful. The project may require commercial rate financial support as well as council fund support where eligible application can be made.

• Capital in excess of £1m
• Revenue in excess of £500k

None

Part of the scheme concerns a property transaction which is commercially confidential at the time of writing the report.  Should this change up to the date of Cabinet then additional detail concerning the property and project would be made public.

On 6 September 2022, Cabinet:-

(i)        Approved the support in principle of the City Council to the cultural and digital project to be delivered by BOM and the taking up of the accountable body role of the City should grant funding application be successful;

(ii)       Delegated the due diligence and assessment of the BOM FBC and the final approval of any consequent provision of financial support at commercial rate terms in a sum not to exceed 65% of loan to value (LTV) of the secured property to the Director of Council Management;

(iii)       Delegated approval of any funding streams available to the Council, such as Community Infrastructure Levy (CIL) and s106 monies to the project provided it passes all eligibility criteria and sufficient resource is available to the Director of Place, Prosperity and Inclusive Growth in conjunction with the Director Council Management;

(iv)      Delegated to the Director Council Management the approval to lead any new application for additional grant funding towards this project by the Council where a grant funding body requires local authority lead for applications. This will apply provided that Cabinet support for the project under recommendation (i) above in place;

(v)       Noted the submission of a first stage funding application to the Arts Council by the Council in support of this project;

(vi)      Authorised the City Solicitor to negotiate, execute and complete all necessary documentation to give effect to the above recommendations.