Agenda and decisions

Minutes of the meeting held on 11.07.23.

Report of the City Mayor.

Under Section 100(A)(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that, they involve the likely disclosure of exempt information as specified in the relevant paragraphs of Part 1 of Schedule 12(A) to the Act.

Report of the City Mayor.

Salford City Council - Record of Decision (Cabinet)

I, Paul Dennett, City Mayor, in consultation with Cabinet and in exercise of the powers contained within the City Council’s Constitution do hereby:

1. Consider the proposal put forward within the report to acquire the City of Salford Community Stadium either through the outright purchase of the Stadium asset or for the City Council to take full control of the City of Salford Community Stadium Ltd (Coscos) through the acquisition of Peel’s shares in Coscos, on the terms set out within the report.

2. Note the impact of a decision to purchase on the Council’s debt position in Coscos which will see its priority debt position in Coscos reduce, reflecting the value attributed to the stadium as part of the purchase arrangement.

3. Agree that any resolution to purchase must be subject to the completion of the proposed new lease of the stadium and authorise officers to continue to negotiate the terms of the lease and any purchase agreements which will be subject to a subsequent Executive decision.

4. To note that specific financial and legal advice is still being finalised in order to complete any financial and legal implications advice which will determine which route to purchase is preferred.

5. Note the opportunities and risks associated with such a purchase in coming to a decision.

6. Note that a full and final report will be brought to Cabinet as an Executive Decision in advance of the purchase which will request authorisation for the transaction in accordance with the final negotiated terms and for officers to complete the necessary legal documentation.

The Reasons are:

To support the achievement of the objectives set out in the Council’s statement of intent approved by the Council on 20^th March 2023, which were as follows:

1. To deliver demonstrable and ongoing social value via Coscos, its tenants and associated activities and any associated land transactions, to contribute to the Council’s aspirations for social value in the community as set out in The Salford Way strategies.

2. To secure the ongoing community use of the City of Salford Community Stadium, in keeping with the strategic rationale for its original construction and the remaining funding conditions associated with infrastructure grant funding initially received.

3. To secure Best Value in the use of public money in any associated transactions involving the City Council, including consideration for any ongoing financial or other support provided to Salford Red Devils RLFC and any potential subsidy control implications of this.

4. To secure the Council’s long-term interests in any future redevelopment and regeneration of the Coscos site and adjacent development land.

5. To build on the positive legacy of regeneration and social value delivered to date via the Coscos joint venture.

6. To support Salford Red Devils RLFC and retain them playing in the City of Salford.

7. To recognise and celebrate the 150 year history and cultural contribution to the City made by Salford Red Devils RLFC and the Salford Red Devils  ...  view the full decision text for item 6a