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 the Newark Towns Fund and associated Town Investment Plan.
The report set out that following the last meeting of the Committee the Heads of Terms for the Newark Town Deal were formally signed on 20 April 2021. Details of the Project Confirmation and Business Case Development were detailed in the report together with a table which provided information as to which projects were being progressed through to outline and full business case stage. Further updates on each project were reported in paragraphs 2.11 to 2.17.
AGREED (unanimously) that:
(a) Members noted and welcomed confirmation that Heads of Terms for the Newark Towns Deal had now been signed with Government to allow access to up to £25m of capital funding for the range of Town Investment Plan (TIP) projects detailed at paragraph 2.6 of the report;
(b) Members endorse the proposed Newark Towns Fund Assurance Framework (June 2021) and recommend to the Policy & Finance Committee that this be adopted by the Council in its role as accountable body for the Newark Towns Fund;
(c) Members advise of their full support for the YMCA Community & Activity Village to the Policy & Finance Committee, requesting the release of Towns Fund Grant for this project, subject to the satisfaction of the Policy & Finance Committee and s151 Officer that the Full Business Case submitted is in accordance with the Newark Towns Fund Assurance Framework (June 2021); and
(d) Members welcomed the update on the IAST® Newark as the first of its kind in the UK and recommend to the Policy & Finance Committee that the development of the IASTI® Newark as a Phase 1 of the Newark Gateway redevelopment be supported, subject to necessary due diligence on securing an appropriate long lease of the land and permission for the Lincoln College Group to submit a planning application on the identified phase 1 Gateway site.
Publication date: 09/09/2021
Date of decision: 16/06/2021
Decided at meeting: 16/06/2021 - Economic Development Committee