Gateshead Quays - Arena, Conference and Exhibition Centre
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 into an Agreement for Lease (AFL) with SMG (UK) Limited (SMG) for the operation and management of the Arena, Conference and Exhibition Centre at Gateshead Quays, and to vary the Development Agreement with Ask Real Estate and PATRIZIA (A&P) to incorporate modifications identified during negotiations to ensure consistency and to reflect terms agreed in the AFL. |
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RESOLVED - |
(i) |
That entering into an Agreement for Lease for the operation and management of the proposed Arena, Conference and Exhibition Centre at Gateshead Quays with SMG (UK) Limited, based upon the principles agreed within the Heads of Terms, as set out in the report and for the necessary variations to the Development Agreement be approved. |
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(ii) |
That the Strategic Director, Corporate Service and Governance be authorised to agree the detailed terms and variations following consultation with the Strategic Director, Corporate Resources. |
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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, which supports the Council’s aspiration of making Gateshead a place where everyone thrives, and in doing so reaffirms the commitment to invest in the local economy to provide sustainable opportunities for employment, innovation and growth across the borough. |
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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 for other components of the scheme. |
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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. |