Bristol Mayor George Ferguson is set to consider the funding package for an arena for Bristol at a Cabinet meeting on 16th January. The proposals set out in detail how the arena can be funded and if approved, work could begin in the Spring to appoint an operator.
The council would need to borrow up to £91million to fund the cost of building an arena. £38 million is expected to come back to the council from rental and other related income. The council is seeking support from the City Deal Economic Development Fund, managed by the West of England Local Enterprise Partnership for the remaining £53 million. A decision on this part of the funding is likely to be made in February.
George Ferguson said:
‘There are some really important decisions to be made over the next couple of months to ensure we secure the long awaited arena for Bristol. We know that there is a ready audience to come to Bristol to see performances and we know that there are operators keen to run the arena for us but we also know that arenas cannot be built without some public subsidy.
‘At Cabinet on the 16th I will be presenting the full funding package for the arena, making sure that it offers excellent value for money, so that the city and region can have the arena it wants and deserves and make sure that we benefit from the significant regeneration and additional income that would flow into the local economy.’
The arena funding package will go to Full Council on 18 February as part of the council’s budget proposals.