Issue - meetings
Redevelopment of the Octagon Theatre
Meeting: 07/01/2021 - District Executive (Item 247)
247 Octagon Theatre Development 
PDF 378 KB
Additional documents:
- 11 Octagon Appx 1 - CONFIDENTIAL -19260 Octagon Theatre - Feasibility Report - Exec Summary 21122020 , View reasons restricted (247/2)
- 11 Octagon Appx 2 - CONFIDENTIAL - The Octagon Theatre Development Business Plan and financial forecasts v10 Income Exp , View reasons restricted (247/3)
- 11 Octagon Appx 3 - CONFIDENTIAL The Octagon Capital Project Appraisal final V2 , View reasons restricted (247/4)
- 11 Octagon Appx 4 - Arts Engagement and Outreach Proposal, item 247
PDF 133 KB
- 11 SUPPLEMENT Annual Report 2020 - SSDC Arts Entertainment - Octagon - Westlands, item 247
PDF 7 MB
Decision:
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RESOLVED: |
That District Executive- |
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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.
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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.
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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.
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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).
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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. |
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Minutes:
The District Executive was addressed by three members of the public (representatives from Yeovil Community Arts Association and Yeovil Literary Festival, Helen Laxton School of Dance and Somerset Independents). Points raised included the following:
· This necessary enhancement of a much envied theatre with the prospect of offering additional excellent, versatile facilities was admirable and had been much requested in the past.
· Many more local groups would benefit and the café development would become the place to meet.
· The theatre created an atmosphere of belonging and would be the place for likeminded people to come together.
· Enhancing facilities would bring more interest and visitors.
· The project would deliver health and wellbeing benefits to residents.
· A bigger and better theatre in Yeovil would be a boost to the local economy.
· Already many of the big shows, comedians etc. that perform sell out extremely quickly. Extra capacity would mean more audiences resulting in increased income.
· A larger theatre with better facilities and rehearsal spaces would attract bigger artists and companies to the area.
· A cinema within the theatre would be well used.
· The theatre had an incredible following and the programme included events for all ages.
· Concerns expressed over the funding of the project and the spending of public money that could be spent on other areas.
The Portfolio Holder for Health and Wellbeing advised that the main purpose of the report was to seek member’s approval in principle to progress the project and a further report would be brought back to the District Executive once financial implications were confirmed. He noted that the Octagon Theatre continued to grow in reputation, drawing audiences from throughout the region as well as locally delivering a varied quality programme. The project looked to address the current challenges of the building, which did not meet the environmental or accessibility standards required and improve the user experience.
The Lead Specialist, Arts & Entertainment Venues Manager provided members with an overview of the Project, which included the following:
· The aspiration to transform the Octagon Theatre;
· The theatre had a strong catchment in place bringing visitors into the district;
· There was a desire to bring more national funding into the area;
· Inadequacies of the current facilities including lack of access throughout the building particularly backstage;
· The proposals would see the transformation of the Octagon to a Centre of Excellence for Culture, Entertainment and the Arts;
· The proposal included a link between the Yeovil Country Park and the town centre.
· The Octagon would become a much improved facility for the arts and would assist in improving the lives of local residents.
· The programme would evolve and include bigger and better shows.
· The project would provide facilities to meet the ambitions of amateur and community groups and attract businesses.
· The project would support the local economy.
· With the use of the ticket levy the project could be delivered and paid for largely by the users of the facility.
The Director of Commercial Services and Income Regeneration commented that the project was ambitious and ... view the full minutes text for item 247
