The Director of City Development submitted a report which outlined plans to develop a new large scale Film and TV studio in the city, located on Whitehall Road to the west of the city centre, which would look to deliver a significant increase in capacity to film high end TV and feature films in the city.
The submitted report set out several options regarding the Council’s potential involvement in progressing this matter, with the report proposing that actions be taken in line with Option 3, as follows:-
Option 1: The Council designing and constructing a new facility at a new site;
Option 2: The Council taking a head lease of the Polestar site and financing the fit out works for an operator;
Option 3: The Council facilitating the delivery of a studio through a property transaction and a loan;
Option 4: No Council involvement.
Following consideration of Appendices 2, 3 and 4 to the submitted report designated as being exempt from publication under the provisions of Access to Information Procedure Rule 10.4(3), which were considered in private at the conclusion of the meeting, it was
RESOLVED –
(a) That the positive response from the Film / TV sector following the Channel 4 announcement be welcomed, and that the progress being made to maximise the economic benefits associated with Channel 4 locating to the city, be noted;
(b) That agreement be given for the Council to take steps to facilitate the delivery of a new TV and Film studio at the former Polestar Petty Factory at Whitehall Road, with the economic and regeneration benefits of the Council doing so, being noted;
(c) That agreement be given for the Director of City Development, in consultation with the Chief Officer (Financial Services), the Executive Member for Resources and the Leader of the Council:-
(i) To develop and enter into a head lease with NIB Pension Fund, as per the principles and Heads of Terms, as contained within exempt appendices 2 and 4 of the submitted report; and
(ii) To develop and enter into a lease and other legal agreements with Versa (Whitehall Road) Limited, as per the principles and Heads of Terms, as contained within exempt appendices 2 and 3 of the submitted report;
(d) That agreement be given to inject £1.6m into Capital Scheme Number 33054/TVF/000 in order to finance a loan to Versa (Whitehall Road) Limited for external acoustic works; and that the necessary authority be delegated to the Director of City Development and the Chief Officer (Financial Services) to enable the Director and Chief Officer to provide ‘authority to spend’ up to that amount in order to provide the loan, subject to the completion of legal agreements with Versa (Whitehall Road) Limited.