Issue - meetings

B Report of Director of Resources (Copy herewith).

1.      Cabinet supported the use of Council capital funding for the creation of a Cinema “Pod” on the site of the Royal and Derngate Theatre Complex, on the basis that the additional facility created by Northampton Theatres Trust Limited (NTTL) will become part of the Council’s overall property asset at this location

2.      Cabinet support a continued reduction in the contractual rent payable by NTTL in respect of the Royal and Derngate Theatre Complex for a period of 11 years from 1^st April 2012, to a level that reflects the full costs to this Council (as determined by the Director of Resources) of providing capital finance to support the creation of the Cinema “Pod” facility.

Councillors Hadland and Mackintosh left the room in accordance with the Declarations of Interest as set out in item 4 above.

Deputy Chair, Councillor Caswell in the Chair

Councillor Wire stated that his group gave qualified support to this report. He felt that anything that provided facilities to bring people into the town was a positive thing. His only concern was regarding the risk of covering the cost of funding.

Councillor Bottwood, as the relevant Cabinet Member, submitted the report and reassured Councillor Wire that the costs would be recovered from the rent that was received over a period of time. Risks would be limited to additional capital expenditure. He commented that he believed that not only would the Theatre Trusts revenue improve but there would also be increased revenue for bars and restaurants in town.

Councillor Eldred stated that he felt that this could only be a positive enhancement to the town centre facilities.

RESOLVED

1.      That Cabinet supported the use of Council capital funding for the creation of a Cinema “Pod” on the site of the Royal and Derngate Theatre Complex, on the basis that the additional facility created by Northampton Theatres Trust Limited (NTTL) will become part of the Council’s overall property asset at this location.

2.      Cabinet support a continued reduction in the contractual rent payable by NTTL in respect of the Royal and Derngate Theatre Complex for a period of 11 years from 1^st April 2012, to a level that reflects the full costs to this Council (as determined by the Director of Resources) of providing capital finance to support the creation of the Cinema “Pod” facility.