1. Approved the incorporation of additional capital to the Bristol Beacon Transformation Project of £25m from Bristol City Council’s own capital programme and resources funded by Prudential Borrowing (proposed to be released from capital programme contingency) with a total project cost of £131.9m. BCC total contribution will be £83.9m.
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 any changes to existing contract terms (including those above a value of £500k) to give effect to the above including;
a. Enter contracts for professional services required to complete the construction and renovation project
b. Amend the construction contract and issue appropriate instructions and notifications
3. To acknowledge that the project has changed fundamentally from its initial business case and that the future operation must set out to provide a revenue stream to Bristol city council to reflect the substantial investment in the asset. As a step towards that, authorise the Executive Director Growth and Regeneration to take all steps required to negotiate changes to the Entrustment Agreement and Collaboration Agreement with BMT to ensure that;
a. There is no financial contribution from BCC to BMT
b. future leasing arrangements with BMT will include revenue to the council
4. In parallel with a renegotiation of a lease with BMT, Bristol City Council will undergo market testing to identify alternative operational models to ensure that as well as protecting the cultural impact of Bristol Beacon, the council receives value for money for its investment.