A £3.5million deal could see Lichfield District Council “secure the long-term benefits” of a new city centre cinema development within the next two years.
A partnership between the local authority and Evolve Estates – owners of the Three Spires shopping centre – has seen the project to convert the former Debenhams store progress in recent months.
Planning permission has been sought to knock down four neighbouring units 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 Evolve Estates’ interest in the multi-screen facility within two years.
The additional £3.5million agreement would see the council “acquire the interests of the cinema development partner”.
Cllr 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.
“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.”
Cllr Doug Pullen, Lichfield District Council
Negotiations between Evolve Estates and a cinema operator are still ongoing, with the council saying the agreement is expected to get over the line this winter.
The facility will eventually feature four screens and create space for new food and beverage outlets.
The proposed £3.5million deal to take full control of the scheme is set to be discussed by members of the overview and scrutiny committee before a final proposal is put to cabinet and councillors.
If approved, the additional investment would come on top of a previous commitment of £5.3million to kickstart the cinema project.
