Issue - meetings

Recommendations

The Executive is recommended to: 

1. Approve the revised Business Plan for Studio 2.
2. Approve the overall funding of £9.4m required for the redevelopment of Studio 2, to be funded from the Strategic Capacity Unallocated Reserve.

Subject to the approval of the above recommendations, it is further recommended that:- 

A construction contract be awarded for the Studio 2 redevelopment as detailed in Appendix A.

Considered a report of the Corporate Director Resources in respect of proposed refurbishment works to Studio 2, Harrogate Convention Centre. Introducing the report, the Executive Member for Finance and Resources, Councillor Gareth Dadd noted that inflation had increased costs but that the business case remained sound with only a modest change to the payback period. In the ensuing discussion reference was also made to site visits illustrating the potential benefits of redevelopment.

Resolved (unanimously) that the Executive

1. Approve the revised Business Plan for Studio 2.
2. Approve the overall funding of £9.4m required for the redevelopment of Studio 2, to be funded from the Strategic Capacity Unallocated Reserve.
3. Award a construction contract for the Studio 2 redevelopment as detailed in Appendix A of the report.

Reasons

Investing in Studio 2 will attract larger conferences that require more breakout spaces. Estimated at an overall project value of £9.4m this investment is expected to be repaid through increased income. The Executive is requested to approve the additional expenditure of £2.4m for Studio 2, subject to the Corporate Director Resources being satisfied with the business case for investment and consulting with the relevant Members.

This investment will help rebuild confidence in the venue, paving the way for future investments and funding.  Developing Studio 2 will enhance HCC’s economic impact by creating jobs and improving its viability as a financially sustainable venue.