Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
This report seeks a decision in relation to the funding arrangements for the Colston Hall and the Bristol Music Trust.
To approve the aims and objectives of the overall project and, subject to the condition set out below, to delegate authority to implement actions to give effect to the project as follows:
1. The Executive Group Director Growth and Regeneration in consultation with the s151 Officer is authorised to appoint the contractor(s) for the redevelopment work.
2. The Executive Group Director Growth and Regeneration in consultation with the s151 Officer and Monitoring Officer is authorised to provide letter(s) of support to Bristol Music Trust (in relation to the conditions that pertain to the Council in respect to the Arts Council, HM Government grants and/or any other grant).
3. The Executive Group Director Growth and Regeneration in consultation with the s151 Officer and Monitoring Officer and relevant Executive Member is authorised to negotiate and execute the various legal agreements (including the consideration of a 99 year lease) to progress the project.
4. The s151 Officer in consultation with the Executive Group Director Growth and Regeneration is authorised to re-profile the capital programme in-line with the phasing of funds illustrated in sub section 4 under the financial commentary within this report.
5. The s151 Officer is authorised to determine the terms and conditions to be applied to the underwriting facility of up to £12m.
The above authority is subject to:
1) Continued development of the RIBA work packages for the cost plan showing that the renovation works will remain within the total maximum project envelope of £48.8m.
2) Continued business plan work will be undertaken in partnership with the BMT during the next five years to support the BMT to move towards financial sustainability post 2022/23.
Cabinet noted that the BMT executive, have made significant improvements over the last seven years to the financial situation of the Hall and culture of the City.
Report author: Laura Pye
Publication date: 01/05/2018
Date of decision: 01/05/2018
Decided at meeting: 01/05/2018 - Cabinet
Effective from: 10/05/2018