Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
The Committee considered the report presented by the Director – Planning & Growth in relation to new revenue and capital funding opportunities.
It was reported that since the March 2021 meeting of the Committee, Officers had worked with relevant Members, partners and colleague authorities to progress each opportunity, namely: the Community Renewal Fund (CRF); the Levelling Up Fund (LUF); and the One Public Estate (OPE) Brownfield Land Release Fund (BLRF) with details of the work undertaken and the latest position for each opportunity provided.
In considering the report a Member queried whether there would be a continuation of the LUF or whether it was only for a set period of time, noting that whilst she supported the bids for the Newark Southern Link Road and the Sherwood area, there were other worthy causes. In response, the Director advised that at present there were only 2 funding rounds for the LUF. However, it was understood that future funding opportunities may be available from the UK Prosperity Fund which would be launched in 2022. He added that it was his belief that unless the Council had an idea of a definite project(s) and they had progressed to a sufficient degree of maturity that it would be unlikely that any submission for funding would be successful.
AGREED (unanimously) that:
(a) Members formally support the submission of the Community Renewal Fund bid by Nottinghamshire County Council on or before 18 June 2021;
(b) Members support the submission of the final Newark Levelling Up Fund Bid for the Southern Link Road (SLR);
(c) Members support the proposals to progress work to develop a Sherwood Levelling Up Fund bid, including recommending to the Policy & Finance Committee the forward-funding £50,000 of the £125,000 in anticipated receipt of capacity funding in association with round two of the Levelling Up Fund; and
(d) Members note and welcome the submission of the Brownfield Land Release Fund bid for 32 Stodman Street.
Publication date: 09/09/2021
Date of decision: 16/06/2021
Decided at meeting: 16/06/2021 - Economic Development Committee