Agenda and minutes

            The Committee considered the undernoted report which provided an update in relation to the Titanic Signature Project:

“1.0         Purpose

1.1           Members will recall that the Council’s Strategic Policy and Resources Committee, at a special meeting on 29th February, 2008, reaffirmed its support for the building of the Titanic Signature Project and the need for the Council to show leadership by investing in iconic projects which would bring significant benefit to the city. The Committee agreed that consideration should be given to investing £10million in the project, subject to a full due diligence review being undertaken.

1.2           This Report is an update on the present status of the Titanic Signature Project and the due diligence report being conducted by Council.  It sets out the current issues and proposes that the Committee agree that a further special meeting be held towards the end of the summer to consider the completed due diligence report.

1.3           The Council has commissioned Deloittes to undertake its due diligence review and the Report is due to be completed in its present form by the end of June.  The terms of reference for the Deloitte Review are:

1.         independently appraise the feasibility study undertaken of the Titanic Signature Project and examine the financial viability of the project proposals;

2.         assess the degree of risk to the Council attached to its investment decision;

3.         examine the governance arrangements for the project in terms of the creation of an appropriate delivery vehicle, the level of representation the Council should request on the Board and the oversight arrangements it should put in place to oversee the ongoing management of the TSP;

4.         outline those conditions which the Council should attach to any offer of funding, if agreed, to safeguard its position; and

5.         set out the main benefits of the Titanic Signature Project and wider Titanic Quarter Development for Belfast in both socio-economic and social terms.

1.4           Members may recall that a consortium made up of Titanic Quarter Limited (Harcourt Developments Ltd, Belfast Harbour Commissioners), the Northern Ireland Tourist Board and the Titanic Alliance supported an application to the Big Lottery Fund for funding of £25m towards the realisation of a £90m iconic Titanic Signature Project in Belfast.

1.5           The Titanic Signature Project is one of the key signature projects identified by the Northern Ireland Tourist Board Strategic Framework.  The purpose of the signature projects is to develop a world class tourism product which will draw visitors from home and overseas and the projects identified are designed to have a significant impact on Northern Ireland tourism’s performance.  The Titanic Signature Project is one of five signature projects which have been identified.

1.6           Members will recall that it was the Council in November 2004, along with the Northern Ireland Tourist Board, who agreed to jointly fund a feasibility study for the creation of a Titanic Signature Project in the city.

1.7           The Northern Ireland Executive’s position in relation to the development of a Titanic theme visitor attraction is that the Executive had  ...  view the full minutes text for item 1.