£3.5m cinema deal could be decided this week
Lichfield District Council will this week discuss a “significant” opportunity to secure the long term returns of a cinema development and the Birmingham Road Site.
Some £3.5m is being requested from council reserves to acquire the interests of the cinema development partner within two years.
At the meeting this Thursday 30 November, councillors will discuss the option and if agreed will be forwarded to cabinet and then full council for approval.
Councillor Doug Pullen, leader of Lichfield District Council, 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.