Gateshead Quays - Arena, Conference and Exhibition Centre Heads of Terms
Report of the Acting Strategic Director, Communities and Environment and Strategic Director, Corporate Services and Governance
Minutes:
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Consideration has been given to entering in to Heads of Terms with SMG (UK) Limited for the operation and management of the Arena, Conference and Exhibition Centre at Gateshead Quays and the development of the detailed Agreement for Lease. |
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RESOLVED - |
(i) |
That the Heads of Terms for the operation and management of the proposed Arena, Conference and Exhibition Centre at Gateshead Quays with SMG (UK) Limited, as set out in the report be approved. |
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(ii) |
That the Strategic Director, Corporate Service and Governance be authorised to agree the detailed terms. |
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The above decisions have been made for the following reasons: |
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(A) |
To bring forward the regeneration of Gateshead Quays. |
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(B) |
To ensure there is a long-term commitment from the proposed tenant to provide confidence in the delivery of the scheme and assist with securing development finance and additional operators. |
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(C) |
To manage the assets of the Council’s non-operational portfolio in line with the Corporate Asset Strategy and Management Plan 2015 -2020. |