Issue - meetings

Report of the Chief Executive, Strategic Director, Economy, Innovation and Growth and Strategic Director, Resources and Digital

Consideration has been given to approve amendments to all existing legal documents between the Council and Ask Patrizia for the Gateshead Quays development - The Sage: an Arena and International Conference Centre (ICC), Linear Park and Hotels reflecting the phased approach to the development.

Consideration was also given to accept £3.5m funds from the North East Mayoral Combined Authority (NEMCA) Capital Regeneration Fund for investment in Gateshead Quays (£3m) and Railway Quarter (£0.5m).

RESOLVED:

(i)              That Cabinet delegate to the Strategic Director, Corporate Services and Governance and Strategic Director, Resources and Digital authority to amend the legal documents as necessary, in line with approved changes to the phasing of the scheme.

(ii)             That Cabinet note the Funding Conditions and approve the acceptance of £3.5m NEMCA Capital Regeneration Fund subject to confirmation of the final Terms and Conditions of the grant.

(iii)           That Cabinet delegate the acceptance of the NEMCA Capital Regeneration Fund grant and associated funding conditions to the Strategic Director, Economy Innovation and Growth in consultation with the Leader and the Strategic Directors, Resources and Digital, and Corporate Services and Governance.

The above decision has been made for the following reasons:

(a)           To bring forward the regeneration of Gateshead Quays, which supports the Council’s aspiration of making Gateshead a place where everyone thrives.

(b)           To reaffirm the commitment to invest in the local economy to provide sustainable opportunities for employment, innovation and growth across the borough.

(c)           To maintain momentum on the scheme, signal confidence in the local economy which is important as part of the delivery of the Economic Development Strategy.