Decision details

To seek Cabinet approval for

1. Resources required to implement the project,
2. arrangements for the management of the Arcade,
3. implementation of the project subject to relevant conditions being met. 

RESOLVED –

1)    That approval be given to the granting by the Council of an Agreement for Lease to the Arcade Group/Arcade Company in a form as set out at para. 2.34 of the considered report and that authority be delegated to the Strategic director (Growth and Regeneration) in conjunction with the Service Director (Legal, Governance and Commissioning) to agree and complete the agreement for lease.

2)    That approval be given to the granting by the Council of an agreement for lease and lease of the Arcade to the Arcade Group/Arcade Company under the Heads of Terms as set out at Appendix 4 and that authority be delegated to the Strategic Director (Growth and Regeneration) in conjunction with the Service Director (Legal, Governance and Commissioning) to agree and complete the lease once preconditions outlined in the Agreement for Lease have been met and to obtain legal confirmation of the position regarding any possible implications that may arise from the Subsidy Control Bill.

3)    That, subject to the Arcade Group being ineligible for the Community Share Booster scheme, approval be given for the Council to provide equity investment into the Community Share issue proposed by the Arcade Group on the basis of match funding of £1 for every £1 raised from the community up to a maximum of £25,000 investment from the Council and that authority be delegated to the Strategic Director (Growth and Regeneration) in conjunction with the Service Director (Legal, Governance and Commissioning) to agree and complete the contractual agreements.