The Executive Director Place will provide the Committee with an update of the current position with regard to the Glassworks Development.
Minutes:
The Committee received a presentation giving an update of the current position with regard to the Glassworks Development.
The presentation which was given by Mr Andrew Osbourne (Regeneration Projects Group Leader) and Mr S Loach (Head of Finance) made particular reference to the current position with regard to:
· construction works - which were anticipated to be completed next year
· the leasing arrangements and the update to the Leasing Strategy
· the Governance arrangements and the submission of reports to Cabinet/Council
· the Financial Position
The presentation engendered a full and frank discussion during which matters of a general and detailed nature were raised and answers given to Members questions where appropriate. Particular reference was made to:
· the current position with regard to occupancy rates, anticipated occupancy upon opening and future occupancy projections
· market demand/building use options (including the flexibility of the project to meet current demand as well as adjust to future changing demand)
· income generation and financial arrangements
· the current position with regard to the leisure and public realm aspects of the project
· construction progress
· Leasing options
· Governance oversight of the project and particularly the involvement of Internal Audit
RESOLVED that the report be received.