Decision

The Cabinet:
 
1.1. 
a) Noted the progress made on the creation of a
joint venture partnership with Evolve Estates, to bring forward a
new cinema and associated food and beverage (F&B) units in the
old Debenhams unit in the retail centre.
 
b) Noted the detailed information provided on the
financial standing of Evolve Estates, and independent valuations of
the full site, the Debenham’s building, and the retail units
proposed for exchange.
 
1.2. 
Agreed and recommended to Full Council that
Lichfield District Council’s freehold ownership of the Three
Spires Shopping Centre site (excluding the Debenham’s
building and six retail units no’s 32 – 44 Baker Lane)
be exchanged for the leasehold of the same six retail
properties
 
1.3. 
Approved the Leader, Chief Executive and another
Member of Leadership Team being the Council’s three
representatives on the LLP Board.
 
1.4. 
Approved delegated authority to the Cabinet Member
for Finance and Commissioning in consultation with the Assistant
Director – Finance and Commissioning (S151) and Monitoring
officer (as non-LLP Board Members) to approve the Business Plan and
any other documents pertinent to the operation of the LLP on behalf
of the Council subject to financial implications remaining within
the approved budget framework.
 
1.5. 
Delegated authority to the Leader and Chief
Executive in consultation with the Monitoring Officer and the
Section 151 Officer to complete all contracts and demolition
related to enabling works on the Birmingham Road Site subject to
the financial implications being within Approved
Budgets.
 
1.6. 
Recommended to Council to update the Medium-Term
Financial Strategy:
•        
To reflect the financial and accounting implications
related to the land exchange, the projected payment of Stamp Duty
Land Tax for the leasehold units of £104,000 and to fund this
cost from the former car park reserve approved to deliver the
Lichfield City Masterplan.
•        
To increase the budget in the Capital Programme for
the Joint Venture loan advance to reflect additional cost inflation
by £439,000 from £5,349,000 to £5,788,000 and to
fund this additional capital investment from the former car park
reserve approved to deliver the Lichfield City
Masterplan.
•        
To continue with the approach that the revenue
budget is based on a budget neutral (no surplus or deficit is
included) position. In addition, capital receipts related to the
loan repayment will at this stage not be included in projections
until more informed financial projections are provided through the
Business Plan. Any future changes following receipt of the Business
Plan will be reported in line with the Council’s budget
monitoring and any budget approvals will be in line with the budget
framework.