A £91million arena for Bristol could be given the go-ahead later. Funding for the 12,000 seater venue on the former diesel depot by Temple Meads station is being discussed at a council budget meeting this afternoon.
Reports suggest that it could bring tens of millions of pounds of economic benefit to the area each year. It's due to open in summer 2017.
The Local Enterprise Partnership agreed to support Bristol’s Arena from its City Deal Economic Development Fund at a meeting of its Board today. A report presented to the Board suggests that the Bristol Arena could bring tens of millions of pounds to the Bristol econoy each year.
George Ferguson Mayor of Bristol said: “It's very encouraging that the Local Enterprise Partnership recognises the importance of using the City Deal funding for the development of an arena which will give a massive boost to the local economy.
The arena is estimated to cost £91 million to build. £53 million will come from the Local Enterprise Partnership and the remaining £38 million is expected to come back to the council from operator rental and other related income.
The full funding package was approved by Cabinet on 16th January and will go to Full Council on 18 February as part of the council’s budget proposals. If approved at Full Council then work will begin in the Spring to appoint an operator.
A funding package for the Bristol Arena has been approved by Mayor George Ferguson at a Council Cabinet meeting tonight (Thursday 16 January). The arena project would cost £91 million overall, and as part of the package, the Council hopes central government will contribute £53 million.
The package will also need approval at a full council meeting next month, before it is given the final go-ahead. Tonight's decision means Bristol is a step closer to getting its own indoor arena - possibly as early as 2017.