Issue - meetings
Celtic Manor Golf Resort
Celtic Manor Resort
The Business Overview and Scrutiny Committee was requested to consider the content of the exempt report of the Director of Finance and Investment (S151), as circulated with the agenda, detailing requested funding arrangements in respect of the Celtic Manor Resort proposal.
It was moved by Councillor Jo Bird, and duly seconded by Councillor Steve Foulkes, that:
It be recommended to Cabinet (13:0) (no abstentions)
1) The financial and investment landscape has changed significantly since the Council sought the option to further invest in this project in 2016 to sit alongside its commitments under the development agreement.
2) In that time, the Council has expanded its acquisition and investment portfolio considerably, seeking to create income to invest in services, to make wider economic and social returns, to regenerate areas and to continue to attract high quality investment by businesses in the Borough.
3) This has led to increased borrowing by the Council to invest elsewhere than that envisaged by Cabinet when it last looked at the development agreement and outline proposals, a revised risk profile for those wider investments and further thought to the priorities that the Council should employ in making investment decisions.
4) In the light of that, this Committee considers that the Council’s investment profile and limited resources would be better served if this business venture was funded on the open market, rather than through Council borrowing, and it is therefore recommended that Cabinet do not enter into a separate agreement to fund the Celtic Manor project at this time.