Decision

1.  That the Council enters into a Memorandum of Understanding with Reel Cinemas Limited in the terms set out in the exempt Appendix to the report of the Assistant Director - Legal & Democratic Services
2. That the Assistant Director - Legal & Democratic Services be authorised to sign and complete the MOU with Reel Cinemas on behalf of the Council

Reasons for decision

The Outline Business Case ('OBC') for the Borehamwood Town Centre Regeneration and Civic Centre Car Park project, which was approved by full Council on 15 April 2026, recognised that the Civic Centre car park presented a significant opportunity to deliver a high-quality leisure-led development within the public estate. The OBC recommended a feasibility study because, as a Council owned asset, the Civic Centre car park had the best chance of being brought forward early and would act as a catalyst to stimulate inward investment from the private sector as well as providing a new anchor for Borehamwood town centre which would strengthen its role as a cultural and leisure destination and foster an evening economy that is currently lacking.

The feasibility study considered the form, massing, quantum and viability of a 'Leisure Hub' in the Civic Centre Car Park site and considered a variety of occupier uses including an IMAX Cinema Entering into a non-binding MOU with an established Cinema operator in Borehamwood will enable the Council to explore their appetite to invest in the delivery of a new multi-screen cinema and contribute to the intelligence required for the targeted soft market testing for the development of a 'Leisure Hub' recommended by the Cabinet and approved by the Council on 15 April 2024.

Other Options Considered and Reasons for Rejection

The alternative option would be not to enter in the MOU. This is not recommended as it could result in the Reel Cinema Limited withdrawing its interest in contributing to the development of a Leisure Hub in Borehamwood, this being an enabling part of the wider Borehamwood Town Centre Regeneration project