Decision details

Octagon Theatre Development

Decision Maker: District Executive

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

 

RESOLVED:

That District Executive-

 

a.

agreed in principle to progress the development of the project and the underwriting of the total project costs by SSDC, of up to £23.01m, with a further report bought to Executive once full financial implications including VAT were confirmed.

 

 

b.

noted the intention to partially offset the project costs with future grant funding applications, which can be progressed if the project is approved in principle to proceed. 

 

 

c.

noted the confidential appendices, namely the Executive Summary by Charcoal Blue, and the initial financial assessment of the business case to refurbish the existing site and facilities; and to extend the site with both additional educational and commercial income earning facilities; which will assist in repaying the proposed project costs. 

 

 

d.

noted the current financial forecast in the business plan, which is awaiting VAT advice.  (This is to be presented in a final report for approval in due course).

 

Reason:

To approve in principle to refurbish and develop The Octagon Theatre and underwrite the full value of the project, up to £23.01 million (excluding VAT), subject to the successful application for various forms of grant funding which would partially offset the overall project costs. Confirmation of VAT implications for the Council are being sought by a specialist tax advisor.

 

Publication date: 07/01/2021

Date of decision: 07/01/2021

Decided at meeting: 07/01/2021 - District Executive

Accompanying Documents: