26 January 2012>
Caerphilly county borough council is set to agree exciting plans to fund a £5million cinema and retail development in Bargoed town centre.
The news would be a massive boost for the town centre and compliments the ongoing plans to develop a Morrisons supermarket at the site.
"We are delighted to announce these ambitious plans to fund a new cinema for Bargoed," said Cllr Ron Davies, CCBC cabinet member for regeneration. "These proposals clearly demonstrate our commitment to regenerating Bargoed, but the development will also serve the whole county borough as we do not currently have a multiplex cinema within this area."
"This is a huge vote of confidence for the future of the town and will help transform the fortunes of this strategic retail destination. Things are definitely looking up for Bargoed and I'm sure the residents and retailers will join us in welcoming these fantastic plans," he added.
There has been interest for some time from a national cinema operator in leasing a cinema on the Bargoed retail plateau site. In light of information from specialist property consultants, the council is proposing that it builds the cinema itself and leases it to a commercial cinema operator.
Work on the Morrisons development (known as 'phase 1') is due to start in the near future with planned completion in Autumn 2013. The cinema and retail development is known as 'phase 2' of the wider Bargoed regeneration scheme.
A special meeting of the council's cabinet will take place on Tuesday 31st January where cabinet members will be asked to recommend the proposal for determination at a meeting of Full Council later that evening.
The report recommends that the council should procure the development of the cinema and associated retail units directly and councillors give authority to prudentially borrow up to £5 million to fund this proposal.
If agreed the council would then invite cinema and A3 companies to submit bids for the tenancies of the proposed units.
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