A multi-million pound deal for Lichfield District Council to buy out their partners in a new cinema development have been given the green light.
Councillors agreed the clause in the agreement with Evolve Estates at a meeting last night (12th December).
It will mean that once the multi-screen facility is opened in the former Debenhams building, the local authority will buy the 50% share from the owners of the Three Spires shopping centre for a pre-agreed price.
The clause has previously been described as the final hurdle in bringing a new cinema to Lichfield.
Cllr Doug Pullen, leader of Lichfield District Council, said:
“This milestone is the result of extensive negotiations over many months with our partners.
“I am thrilled to launch this gateway project for the Birmingham Road Site, which, after decades of inactivity, signifies a new era for our city.
“We are committed to enhancing leisure and lifestyle opportunities in the district in line with the feedback we received during our extensive consultations with our residents. This development is just the beginning of our five-year journey to rejuvenate our city centre.
“The buyback clause gives us the expertise, support, and funding to launch the project whilst giving us the opportunity to retain the future benefits of the scheme in the district.
“People rightly have been keen to know who the new cinema operator will be. Final legal documents are now out with all parties and, upon exchange and completion, we will be able to make a shared announcement.”
“I am also looking forward to being able to share news of some exciting new food and beverage brands that will be coming to Lichfield as part of the development and will give details in due course.”
Cllr Doug Pullen, Lichfield District Council
The buyout clause – which is likely to be between £3.5million and £3.9million – will add to the bill for the cinema, with Lichfield District Council having already invested more than £5.7million agreed to set up the joint venture with Evolve Estates.
