Decision details

To consider the report of the Leader for scheme approval for additional expenditure for the Southampton New Arts Complex Scheme.

NOTE: Elements of this report may be considered exempt from public distribution.

(i)  Agrees to recommendations of Council

(ii)  Gives authority to the Director of Environment and Economy, after consultation with the Chief Financial Officer, to spend up to the overall new scheme value, and to enter into any documentation necessary to enable the Southampton New Arts Complex Scheme to proceed.

(iii)  To establish a cross-party working group to oversee the progression of the Scheme. 

1. To help facilitate the build of Southampton New Arts Complex Scheme, regenerating the former Tyrrell and Green site and the surrounding area as a Cultural Quarter to attract future investment, businesses, visitor numbers and jobs into the City.
2. In addition to forming a critical element of the Cultural Quarter enabling Southampton to compete with other cities both regionally and nationally, it is anticipated the scheme will generate over 300 direct jobs, 750,000 visitors and up to 38 new homes. It is also expected to generate over £230,000 per annum in retained business rates, council tax and New Homes Bonus, potentially over £160,000 in Arts Council revenue funding for the performing arts and £7.2m of Arts Council lottery capital funding towards the arts shell fit out

Not adding the additional resources to enable the scheme to progress, forgoing the opportunity to deliver the benefits set out in paragraph 2 above and writing off project related expenditure incurred to date.