Purpose

In July 2023 Cabinet approved the Arena Development
and Funding Agreement (DFA) subject to approval of the Funding
Strategy at a future meeting of Cabinet.

This report presents that Arena Funding Strategy to
Cabinet for consideration and approval. If approved, this will
allow the Council to sign the DFA contractual
suite of documents to commit the Council to delivery of the
Arena
 

Content

Appendices 1 and 2 of this report are not for
publication as they contain exempt information of the description
contained in paragraphs 14 and 16 of Part 4 and paragraph 21 of
Part 5 of Schedule 12A of the Local Government Act 1972.
 
RESOLVED: that
 

1)       
the Indoor Arena Funding Strategy as set out within
this report and in more detail at Confidential Appendix 2
be approved.

2)       
entry into and execution of the Development and
Funding Agreement (DFA) previously approved by Cabinet in July
2023, be authorised and in so doing approve any amendments to the legal
documentation as may be necessary, for reasons
including but not limited to ensuring consistency between them and
finalising any outstanding areas of
further deeds and
documents which are ancillary to the legal documents
approved, subject to consultation with S151 Officer
and Legal Officers.

3)       
It be noted that, subject to entering in to a DFA
with the Arena Developer/Operator and approval by Cabinet of the
MSCP Business Case at a future meeting, relevant financial
implications will be updated in the Medium-Term Financial Plan,
Capital, and Treasury Management Strategies to be consistent with
this funding strategy, to form a revised affordability
envelope.

4)       
It be noted that Treasury Management Activities are
delegated to the S151 Officer and implementation and review of this
funding strategy will be undertaken as part of the annual updates
to the strategy and checkpoints in respect to this project
specifically as part of post project review.