Issue - meetings

To approve the draft Head of Terms and finance arrangements for the loan to enable The Old Vic to expand their footprint to build a new community cultural hub for the theatre called The Annex, to open in 2022 that will provide a permanent home for the community to train, learn, connect and enjoy.

Councillor Rebecca Lury having declared a non-pecuniary interest in respect of this item, refrained from the discussion and decision making.

RESOLVED:

1.  That the draft Head of Terms and finance arrangements for the loan of £3,750,000 to enable The Old Vic to expand their footprint to build a new community cultural hub for the theatre called The Annex, to open in 2022 that will provide a permanent home for the community to train, learn, connect and enjoy be approved.

2.  That the community benefits programme offered by The Old Vic and the anticipated positive impact on Southwark residents be noted.

3.  That it be noted that in recognition of the geography of The Old Vic building and its catchment area The Old Vic are in parallel discussions with Lambeth Council about a similar arrangement due to the associated social value.

4.  That it be noted that to protect and oversee the council’s financial investment in the Annex, Southwark will seek a nomination to the Old Vic Board of Trustees. The council has nominated the cabinet member for culture, leisure, equalities and communities. The nomination will be reviewed on an annual basis.

5.  That powers to negotiate and agree the final terms relating to the financial arrangements be delegated to the strategic director of finance and governance in consultation with the cabinet member for finance, performance and Brexit and the cabinet member for culture, leisure and communities.