Meeting documents

RESOLVED:

That the District Executive agreed:

1.

To recommend to Council they approve a 30 year internal loan of £1,865,046 at 2.96% interest for use towards refurbishment, to be repaid through the introduction of a Facility Levy.

2.

Subject to approval by Council of recommendation 1 above, authorise the Assistant Director (Health and Well-Being) in conjunction with Portfolio Holder (Leisure and Culture) to:

a.  Submit and negotiate the Statement of Principles set out in Appendix 6 with AgustaWestland (AW).

b.  Seek an annual financial contribution from Yeovil Town Council (YTC) towards the revenue costs and seek additional financial support from the other adjacent Parish Councils.

3.

Subject to approval by AgustaWestland (AW) of the Statement of Principles authorised the Assistant Director (Health and Well-Being) in conjunction with the Assistant Director (Legal and Corporate Services), Assistant Director (Finance and Corporate Services) and Portfolio Holder (Leisure and Culture) and the Leader of Council to negotiate and finalise the Lease, Funding Agreement and Business Transfer Agreement

4.

Subject to agreeing terms of the Lease, Funding Agreement and Business Transfer Agreement with AW, and a Funding Agreement with Yeovil Town Council (YTC) and other funding partners, pursuant to recommendations 2 and 3 above:

a.    Enter into an agreement with AW to take over the management and operation of the Complex for a 30 year term.

b.    Approve the use of up to £62,495 of general revenue balances to fund the revenue required to finance the operation of the facility, adding the requirement to the Medium Term Financial Plan (MTFP).

c.    Approve the once-off use of up to £86,237 of general revenue balances that may be required to fund the PWLB Equal Instalment Loan repayments whilst the Facility Levy scheme is implemented during year 1.

d.    Approve the once-off use of up to £60,000 of general revenue balances during the first year from handover to cover the net loss of revenue associated with the planned refurbishment works.

5.

Subject to achievement of recommendation 1, authorised the Assistant Director (Health and Well-Being) in conjunction with Portfolio Holder (Leisure and Culture) to work with the clubs and individuals supporting the venue and petition to raise further funds towards the overall £2.628m estimated refurbishment costs and ongoing revenue costs.

Reason:

To assess the financial implications of South Somerset District Council potentially entering into an agreement with Finmeccanica – AgustaWestland to take over the management and operation of the Westland Sport and Leisure Complex

(voting: 6 in favour, 0 against, 1 abstention)