Purpose

This report provides an update on the work
carried out to to invite proposals from external organisations to
support and fund the Air Festival and recommends a way forward in
relation to the future delivery of the Air Festival

Content

It is RESOLVED that Cabinet: -

(a)           
Agrees to Option 2 to take forward further
exploration work on the feasibility of providing a 10-year
agreement with the potential operator for 2026
onwards.

(b)          
Agrees to taking forward Option 4 to seek to
source sponsorship for the funding gap for 2026
onwards.

(c)           
Notes the financial implications detailed in the
summary of financial implications.

(d)          
Notes the requirement for event team staff and
other council teams for contract management and sponsorship work;
and

(e)           
Delegates to the Director of Commercial
Operations in consultation with the Portfolio Holder for
Destination, Leisure and Commercial Operations, the implementation
of these decisions with a report to come back to Cabinet at an
appropriate time.
Voting: 9:1
Portfolio Holder: Destination, Leisure and
Commercial Operations
Reason
To
enable the ongoing delivery of a destination event to achieve the
corporate strategy of supporting local areas to thrive, and
creating opportunities for the local area, recognising the value of
the event to the local economy whilst also acknowledging the
council’s current and future financial position.