Cardiff Arena Operator and Developer

Description

Cardiff Council (“the Council”) is the freeholder of the Site on which it wishes to develop a music/entertainment and events arena with a capacity of up to 15,000 (“the Arena”). The Council is seeking to appoint a developer and operator to design, construct, maintain and operate the Arena. The Council will contribute financing towards the delivery of the scheme. The successful bidder will be granted a 99-199 year lease from the Council for the Arena development. The developer will be responsible for securing the initial consortium member operator (and any successor operators) to operate the Arena for a concession period of 40-45 years. The scheme will also involve the delivery of a hotel development, connecting road infrastructure and public realm spaces. Lot 1: Continues from II1.4. The Council’s financial contribution to the scheme will be through a Funding Agreement with the developer for up to 30m GBP or alternatively through an income strip lease arrangement over the term of the concession. Bidders are expected to submit tenders on both of these basis. Further details are provided in the Descriptive Document and other Concession Documents available through the portal referred to in l.3) above. The level and availability of the Council’s financial contributions are subject to the Council’s decision making and internal approval processes and details will confirmed to participating bidders during the competition. Prospective bidders should note that the Council reserves the right to vary the available funding and financing approaches during the procurement process. The Council or developer will be required to acquire some land immediately adjacent to the Site to be made available for the delivery of the Arena. Additional information: The duration of the concession will be in the region of 40-45 years. The applicants with the 3 highest scoring compliant SQ responses will be invited to the tender stage of the competition process. The estimated values in II.1.5 and II.2.6 represents the estimated capital cost. It does not include the estimated Operator operating revenue that may be achieved through the operation of the Arena.