News / Arts
Bristol arena: Qus raised on venue finances
Councillor said residents in the city were being expected to sign a “blank cheque” to fund the planned £91million, 12,000-seat arena near Temple Meads
The former group leader of the Liberal Democrats has claimed to have found a £13million black hole in Bristol City Council’s finances, putting plans for an arena in jeopardy.
Cllr Tim Kent said residents in the city were being expected to sign a “blank cheque” to fund the planned £91million, 12,000-seat arena near Temple Meads station.
The Whitchurch Park councillor said he wanted to see more detailed figures that showed the city could afford the arena project – including where car parking was planned to be provided for thousands of visitors coming into the city.
“I have a real concern that the Budget is spiralling out of control. We all want an arena for the city and we all know that we have to chip in. These things don’t come for free but the mayor cannot expect the residents on Bristol to write a blank cheque.
“We cannot blindly walk into this project with millions of pounds missing. The figures must add up and we need to make sure the funding is in place.”
The council is set to spend up to £91m to build the arena, with around £38m being funded by operator rental and other related income, such as parking, once the arena is built and £53m being borrowed via the City Deal Economic Development Fund, managed by the West of England Local Enterprise Partnership.
Three companies wanting to run the venue have been asked to bid for a 25-year lease. The closing date for submissions passed at the start of this month and BCC will announce the winner in October.
The mayor George Ferguson has said he wants an arena to be his “lasting legacy” and claims the venue will give a £110m boost to the Bristol economy.
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