Decision details

To provide a loan to Leicester Community Sports Arena Ltd. to facilitate further development of the arena.

a)      To authorise a loan of £1.5m to the Leicester Community Sports Arena Ltd at an interest rate of 5% p.a;

b)      To charge the company £20,000 for the Council’s legal costs (to be added to the loan) and add the total £1.52m cost to the capital programme.

The development of a new sports hall is expected to contribute to the ongoing financial viability of the arena, by enabling it to hold more commercial and higher profile, longer events therefore generating additional income. The additional space will help to maintain availability of facilities for use the community and Leicester College during commercial events. 

The development will assist with bringing commercial events to the city.  It is envisaged more visitors will be attracted to the city, some of whom will spend money in the surrounding area and stay overnight.

Not to approve a loan.