As a resident of Leeds...
And somewhat knowledgeable about the machinations of Leeds City Council (A close friend in the beancounters department - left to count beans for a nobler cause and now helps people with a fetish for white coats, velcro shoes and poorly worded explanations over what good they could do with a bean or two a.k.a. a respected University with actual boffins), I can with some degree of certainty assume that the buzzword bingo boxset has been read whilst consuming the reps cool-aid.
On the flipside, they do on occasion justify their existence with certain events they put on over the year (Leeds Night Light being a good one, the Leeds International Film Festival is another, as is the Leeds International Beer Festival - thats right, a council sponsored pissup in the townhall).
I can only hope that the goodones™ get to actually manage it and do something reasonable with the cash rather than piss it up a wall on consultants and latte fees.
Anon because mutual friends lurk on here too.