Agenda and minutes

In the absence of Councillor Sajid Mohammed, the meeting was chaired by Councillor Angharad Roberts, Vice-Chair.

Councillor Sajid Mohammed – unwell

Councillor Steve Battemuch – personal reasons

None.

To confirm the minutes of the last meeting held on 7 December 2020

The Committee confirmed the minutes of the meeting held on 7^th December 2020 as a correct record and they were signed by the Vice-Chair.

Report of the Strategic Director of Finance

Thomas Straw, Senior Accountant, introduced the report detailing the 2020/21 budget for the Bridge Estate for approval and forecasting future years, highlighting the following:

(a)  the forecast rental income is expected to decrease over the next three years largely due to the assumption regarding rental decrease in relation to the Lister Gate units when their leases expire;

(b)  Nottingham City Council has historically assumed that the Bridge Estate is able to contribute £1.5m as part of the Bridge Estates charitable objectives. However, if the Bridge Estate performs as forecast it will generate a revenue pressure for the Council;

(c)  the Bridge Estate Trust has extinguished the Bridge Repair Reserve when undertaking the works which were completed during 2020/21. Therefore, an annual provision is required to replenish the reserve to fund repainting and structural repairs which will be required again in 2035/36. The new annual contribution is based on the 2020/21 costs inflated to 2035/36 and has been worked out as £0.1m,

Resolved to

(1)  approve the 2020/21 budget for the Bridge Estate Trust;

(2)  note the financial forecast for 2022/23 and 2023/24.

Report of the Director of Economic Development and Property

Bevis Mackie, Principal Surveyor, introduced the report setting out the key property events that have taken place or are proposed for the Bridge Estate since the date of the last meeting, highlighting the following:

(a)  the former tenant has vacated 34 Lister Gate property and the premises remain available on the market ‘to let’;

(b)  the premises at 24-30 Castle Gate remain on the market available ‘to let’;

(c)  terms for lease have been agreed with a prospective tenant at the Governor’s House and Judges Retiring Rooms on High Pavement, with the lease expected to complete following the completion of various works in the Spring;

(d)  the first, second and third floors of Century House on Chapel are now being marketed ‘to let’ by HEB surveyors;

(e)  the repainting and architectural restoration works have been completed on Trent Bridge, with potentially a larger programme of refurbishment works to be carried out in the short to medium-term.

Resolved to note the updates relating to the individual Bridge Estate properties

To consider excluding the public from the meeting during consideration of the remaining item(s) in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that, having regard to all the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing the information. 

Resolved to exclude the public from the meeting during consideration of the remaining items in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that, having regard to all the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

To confirm the exempt minutes of the last meeting held on 7 December 2020.

The Committee confirmed the exempt minutes of the meeting held on 7^th December 2020 as a correct record and they were signed by the Chair.

Report of the Interim Director of Sport and Culture

Resolved to approve the recommendations in the exempt report.

Resolved to note the contents of the exempt appendix.

For the Committee to note the proposed date of Monday 7 June, subject to Full Council approval.

The proposed date of the next meeting was noted.