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🎸 TROPICANA: UPDA

🎸 TROPICANA: UPDATE PUBLISHED

At tonight's council meeting we'll be discussing the future of the Tropicana.

A new report has just been uploaded that changes the governance recommendations that councillors will be asked to vote on today.

Effectively, there will be additional decision points that councillors will be involved in - which is really important considering the balance between risk and opportunity, and level of scrutiny this requires.

Specifically the decision to borrow £millions will be pushed back to a future meeting and work will continue in the interim to identify ways to close the financial gap, and identify grants.

I'm paraphrasing, but councillors are in essence being asked to support the awarding of the lease to LiveNation (with various conditions that have to occur before this is final i.e planning application, decision on borrowing) and agree for more detailed work to happen and preparations for design and planning applications.

The is one change following negotiations and that is the has been an agreement in principle for a restoration levy to be applied to tickets sold which would bring in additional ring fenced income to support the maintenance of the structure for the next 25 years. This could bring in a further £100k per year to cover maintenance.

The trade off is the restoration levy will replace the previous agreement of a profit share arrangement.

The document is called Addendum B and you can read it here: n-somerset.moderngov.co.uk/documents/s8750/05.3%20Addendum%20B.pdf
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2 days ago
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📄 FULL COUNCIL AG

📄 FULL COUNCIL AGENDA

Tomorrow (Tuesday) is North Somerset Council's full council meeting.

On the agenda is:

1️⃣ Tropicana Business Case
2️⃣ Appointment of cabinet members, chairman/women of the council etc
3️⃣ Outcomes of the West of England Combined Authority (WECA) consultation
4️⃣ Councillor question time

👉 Watch the meeting live on YouTube: www.youtube.com/watch?v=FbsdMdr-QCw

📄Read the papers: n-somerset.moderngov.co.uk/ieListDocuments.aspx?CId=169&MId=1375
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3 days ago
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