Decision - Maintaining Brighton Centre Economic Impact

(1)   That Cabinet approves allocation of £820,000 from the Brighton Centre Re-Development Reserve towards maintenance and operational needs of the existing Brighton Centre in order that the economic impact of the Venue can be maximised up to the point of re-development. This amount is based upon an assumption of continued Planned Maintenance Budget investment at a level equivalent to 2009/10.

(2)         That Cabinet instructs officers to continue to reassess the required level of the reserve once the latest feasibility study is completed. The council will need to build sufficient contributions within the Medium Term Financial Strategy to ensure the level of the Brighton Centre Redevelopment Reserve is adequate to support the development.

To sustain local employment and economic impact, to compete with other venues and destinations and to build business in the period leading up to a new venue rather than allow business in the city to decline and result in a harder battle to improve standards once the new centre is operational.

The main alternative considered is the status quo. This however retains the risk of lost business as a consequence of unplanned closure and diminishing client confidence.