Issue - meetings
Proposed Funding and Lease Agreements for the Leeds Arena and works to the Woodhouse Lane Multi-Storey Car Park
Meeting: 22/07/2009 - Executive Board (Item 34)
34 Proposed Leeds Arena 
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To consider the report of the Director of City Development outlining the progress made in developing the scheme proposals for the arena, recommending that Clay Pit Lane be confirmed as the site for the proposed development and requesting that the Board reconfirms the scope, aims, objectives and outcomes of the project, in addition to seeking approval of the Heads of Terms for a commercial agreement.
Appendices 1 and 2 to the report are designated as exempt under Access to Information Procedure Rule 10.4(3).
Additional documents:
- Leeds Arena Report App1 080709 EXEMPT , View reasons restricted (34/2)
- Leeds Arena Report App2 080709 EXEMPT , View reasons restricted (34/3)
Minutes:
The Director of City Development submitted a report on progress made in developing the scheme proposals for the arena, proposing that Clay Pit Lane be confirmed as the site for the proposed development and requesting that the Board reconfirms the scope, aims, objectives and outcomes of the project, in addition to presenting proposed Heads of Terms for a commercial agreement.
Following consideration of Appendices 1 and 2 to the report, designated as exempt under Access to Information Procedure Rule 10.4(3) which were considered in private at the conclusion of the meeting, it was
RESOLVED -
a) That Clay Pit Lane be selected as the site for the proposed arena development.
b) That the progress made in developing the scheme proposals be noted.
c) That the scope, aims, objectives and outcomes of the project, as detailed in the submitted report, be reconfirmed.
d) That the provisionally agreed Heads of Terms with SMG Europe Holdings Ltd for the Agreement for Lease and Lease of the arena be approved.
e) That approval be given to the provisionally agreed Heads of Terms with the third party named in exempt appendix 2 of the report for the receipt of annual revenue payments to part finance the City Council’s funding model for the capital cost of developing the arena.
(The matters referred to in this minute were not eligible for Call In as any delay in concluding such legal agreements may result in the parties to the agreements seeking to renegotiate the terms of such agreements and, as such, could increase the cost to the Council of developing the arena).