Report To:	Cabinet	14 July 2016
Lead Officer:	Alex Colyer – Executive Director (Corporate Services)

Cambridge Ice Arena

Purpose

To consider making a recommendation to Council following a request from the Cambridge Leisure and Ice Centre for a 25 year loan of £1,850,000 through the prudential borrowing facility available to South Cambridgeshire District Council to address a funding gap in respect of the Cambridge Ice Arena.

Recommendations

That Cabinet recommends Council approves a 25 year loan of £1,850,000 through the prudential borrowing facility in order to address the funding gap in respect of the Cambridge Ice Arena.

Reasons for recommendations

To address a funding gap for and support the development of a recreational facility that will be used by residents of South Cambridgeshire.

Background

In 2006 Cambridgeshire Horizons identified the need for an ice rink in the Cambridge sub-region as one of the facilities to support future growth. Proposals for an ice arena have been linked to a number of the major development sites in the district over the years but the limited availability of land has impeded any scheme from coming forward.

The latest proposals benefit from a deal with a major local landowner and a detailed planning consent that received unanimous support during the public consultation and from the members of the Joint Development Control Committee. The physical relationship of the Ice Arena with the development of Wing, and in a sustainable location on the edge of the City of Cambridge, means that it will also form part of the catalyst of development that will enhance the facilities of this part of the sub-region. Based on the public responses to the planning application the facility would be well used by residents of South Cambridgeshire as well as those from the city and beyond, many of whom presently travel significant distances to visit ice rinks.

Details in relation to the Cambridge Ice Arena are set out in Appendix A attached to this report, which includes:

background information relating to the Cambridge Ice Arena proposal;

the project’s current progress and status;

the rink solution, which meets the needs of the Cambridge Leisure and Ice Rink Centre, the University of Cambridge, the wider community and catchment area;

details of the site;

the business model;

project funding;

prudential borrowing;

the development team;

venue quality.

Considerations

Cabinet is invited to consider the information contained within the Appendix and the request for a 25 year loan of £1,850,000 through the prudential borrowing facility.

Further due diligence on the proposal will be undertaken prior to any recommendation Cabinet makes to Full Council.

The business case may be subject to revisions in light of the result of the EU Referendum.

Options

To make a different recommendation to Council based on the information contained within the Appendix.

To decide not to make a recommendation to Council.

Implications

In the writing of this report, taking into account financial, legal, staffing, risk management, equality and diversity, climate change, community safety and any other key issues, the following implications have been considered: -

Financial

Details in relation to the funding model and prudential borrowing proposed are set out in Appendix A.

Legal

In accordance with the Council’s Constitution, Full Council has to make the final decision on whether or not to approve the loan to Cambridge Leisure and Ice Centre due to the significant sum requested and the fact that this is currently not provisioned as part of the Council’s budget.

Background Papers

No background papers were relied upon in the writing of this report.

Report Author:	Alex Colyer – Executive Director (Corporate Services)

Telephone: (01954) 713023