Proposed £3.5 million investment deal to be discussed to 'secure long-term benefits' of Lichfield cinema development
A £3.5 million deal could see Lichfield District Council “secure the long-term benefits” of a new city centre cinema development within the next two years.
Formal plans were recently submitted for the new multi-screen cinema development.
The former Debenhams site at the Three Spires Shopping Centre would be transformed into a four-screen facility, under the plans.
Four neighbouring units would be knocked down to connect the cinema with the wider Birmingham Road Site proposals.
But now the council is set to consider a proposal to effectively buy out Three Spires Shopping Centre owner Evolve Estates’ interest in the multi-screen facility within two years.
The £3.5 million agreement would see the council “acquire the interests of the cinema development partner".
Councilor Doug Pullen, leader of Lichfield District Council, said the move would allow the local authority to secure the long-term returns from the facility once it is up and running.
He said: "The short-term financial support and expertise from our new development partners is crucial, but our longer-term goal is to shape our district in a financially prudent manner.
“This deal offers us the expertise to get the cinema up and running, and the longer-term financial security that we need.”
Negotiations between Evolve Estates and a cinema operator are still ongoing, and expect to be concluded this winter.
The scheme will also create space for new food and beverage outlets.
The planned £3.5million deal is set to be discussed by members of the overview and scrutiny committee next Thursday.
If agreed, it will be forwarded to cabinet and then full council for approval.