Issue - meetings

New Performance Venue and Redevelopment of the Corn Exchange

 

 

Meeting: 14/01/2020 - Executive (Item 11)

11 New Performance Venue and Redevelopment of the Corn Exchange pdf icon PDF 86 KB

To consider the report of the Director (J-PH).

 

Additional documents:

Decision:

Agreed

RESOLVED: that Members:-

 

(1)  note that there was a ‘low likelihood’ of externally funding a £61.91million multipurpose venue;

(2)  support the premise and the ambition for the redevelopment of the Corn Exchange and request the matter be put before scrutiny to explore funding sources; and

(3)  note the progress made for a privately funded commercial theatre for the city, and that any future positive developments would be brought back to Council.

  

Reason for Decision:

As set out in the report.

 

 

 

 

Minutes:

The Executive received the report which provided an overview of the feasibility studies for a new multipurpose venue for Exeter City Centre and the refurbishment of The Corn Exchange. The report examined the cost, programming and potential funding sources for a new 1,200 seat and 2,400 standing multipurpose venue as part of the CityPoint development, following the commission of a report in 2019 about the size, location and 25 year business plan. The outline projected capital cost for the build was £61.97million and did not include the cost of a fly tower and it was highlighted that there would be no sources of funding.

 

Particular reference was made to the refurbishment of The Corn Exchange, which was considered as an alternative option, having identified the projected cost for the initial concepts for CityPoint and there being no alternative funding routes available. Members noted that there had been interest received from the Private Sector which could be brought back to Members for future consideration.

 

During the discussion, the following points were raised:-

 

·         In the current financial climate, the cost was not viable, but there were opportunities at the Corn Exchange that could be considered; and

·         The Council would continue to be proactive and seek out partners, for future consideration, however there were still good venues located around the city

 

Following the discussion, Councillor Sutton moved and was seconded by Councillor Morse to amend the second recommendation and was voted for unanimously.

 

RESOLVED that Members:-

 

(1)  note that there was a ‘low likelihood’ of externally funding a £61.91million multipurpose venue;

(2)  support the premise and the ambition for the redevelopment of the Corn Exchange and request the matter be put before scrutiny to explore funding sources; and

(3)  note the progress made for a privately funded commercial theatre for the city, and that any future positive developments would be brought back to Council.