Decision details

That Cabinet:

a)         notes the updates associated with the LUF 3 programme including the revised name of ‘Local Regeneration Fund’, as detailed in 1.4 of the report;

Ollerton Project

b)         approves a budget to be added to the Council’s Capital Programme in 2025/26 to finance the acquisition of the Forest Centre unit, funded by UK Shared Prosperity Fund grant, and LUF 3 grant, in advance of securing planning permission and Full Business Case (FBC) approval, as noted in paragraphs 1.11 and 1.12 of the report.  In addition, a revenue budget of £40,000 was required to retain the unit until demolition. The full costings are contained within the Exempt Appendix;

c)          to delegate the finalisation and execution of the Agreement for Lease (and any other associated legal contracts required) with Ollerton and Boughton Town Council, in advance of securing planning consent, but upon completion of Heads of Terms, to the Director - Planning & Growth, as noted in paragraph 1.15 and 1.16 of this report;

d)         approves a commitment to the Change Management Reserve of £1,225,000 and £105,000 from Capital Receipts towards the Ollerton Regeneration scheme, in accordance with paragraph 1.17; and

e)         approves a budget of £682,746 to be added to the Capital Programme in 2025/26, financed by LUF 3 grant, to fund RIBA 4 activities, in advance of securing planning consent and finalisation of legals, but following FBC approval, as noted further in paragraph 1.20.