Purpose

Park House in Park Place, Cardiff, is a Grade I listed building and has occupied a prominent space in our city  close to the National Museum for over 150 years. The property’s condition has deteriorated and it is now at risk. The Council is working with an investor and Welsh Government to develop a business case for support.

Decision

Following publication of papers on the 11 October, it was identified that an incorrect version of Confidential Appendix 2 had been published.  The amended version was circulated to Scrutiny Members and Cabinet Members ahead of their consideration of this item.

RESOLVED: that

1. authority be delegated to the Director of Economic Development and the Corporate Director of Resources, in consultation with the Cabinet Member for Finance, Modernisation & Performance and the Cabinet Member for Investment & Development, to clarify and agree acceptable funding terms of a loan with Welsh Government.
2. Subject to recommendation 1, a loan of £1.63 million be made to the applicant on conditions set out in Confidential Appendices 2 & 7.