Decision details

Cabinet

1. Recognised the importance of the Bristol Beacon to the city’s cultural offer and in doing so, approves the revised cost envelope of £106.9m and incorporating the following (total increase of £58.1m in addition to £48.8m previously approved):

a)      £3.405m WECA funding for project inflation (approved by WECA in June 2020)

b)      £2.930m WECA further funding support (approved by WECA in January 2021)

c)      £6.201m from Arts Council England Kickstarter grant

d)      £44.464 from Bristol City Council own capital programme and resources funded by Prudential Borrowing (proposed to be released from capital programme contingency)

e)      £1.1m further funds to be raised by BMT;

2. Authorised the Executive Director for Growth & Regeneration in consultation with Cabinet Member Finance, Governance and Performance, Section 151 officer and the Monitoring officer to take all steps required to enter into any contracts required and negotiate and agree changes to existing contract terms to give effect to the above including;

a)      Enter contracts for professional services required to complete the project;

b)      Amend the construction contract to transfer risk and secure greater cost and programme certainty;

c)      Agree any new/additional terms of grant with any grant funding bodies.