City Centre Cultural Gateway Project Update
Report of the Director of Regeneration and Economy
(Listing Officer: D Nuttall – email: David.nuttall@coventry.gov.uk)
Minutes:
Further to Minute 92 above, the Cabinet considered a private report of the Director of Regeneration and Economy, that would also be considered at the meeting of Council on 19 March, 2024, which set out the commercially sensitive confidential matters relating to the City Centre Cultural Gateway Project Update.
RESOLVED that Cabinet recommends that Council:
1) Approves capital expenditure of a further sum in the amount set out in the private report to be financed from prudential borrowing to fund the construction and professional fees for delivery of the City Centre Cultural Gateway Project.
2) Delegates authority to the Director of Finance and Resources, following consultation with the Director of Regeneration and Economy, the Director of Law and Governance and the Cabinet Member for Housing and Communities, to approve capital expenditure of a further sum in the amount set out in the private report to be financed from prudential borrowing to fund the construction and professional fees to be utilised towards the delivery of further works to Floors 1 and 2, only once there has been a developed and approved business case for future tenancies.
3) Notes that the Agreement for Lease between Coventry City Council and Arts Council England, British Council and Culture Coventry in respect of the Collection Centre Development will include a mechanism that facilitates the ability for a request to be made to the City Council to deliver Partner Variations (including fit-out works) on their behalf with the cost being repaid to the City Council.
4) Delegates authority to the Director of Finance and Resources, following consultation with the Director of Regeneration and Economy, the Director of Law and Governance and the Cabinet Member for Housing and Communities, to undertake the necessary due diligence including approving any incidental and ancillary actions required to bring into legal effect the recommendation set out in Recommendation (3) above.