Issue - meetings

AGREED that Cabinet approve a revenue budget of up to £145,000 from the Change Management Reserve to progress to the next stage of feasibility works for the St Marks Project.

The Director – Planning & Growth presented a report which updated the Cabinet on the progress of the Newark Long-Term Town Fund and sought approval of budget to progress feasibility work for the St Marks Project. To receive the investment a long-term plan for Newark and a Town Board was required to be established. The report gave a progress update and identified St Marks as a significant opportunity which could be developed subject to due diligence and detailed feasibility works. Details and costs of this feasibility work were set out in the report.  

AGREED (unanimously) that Cabinet approve a revenue budget of up to £145,000 from the Change Management Reserve to progress to the next stage of feasibility works for the St Marks Project.

Reasons for Decision

To allow the Council to commence detailed feasibility and due diligence on future options to repurpose St Marks for the benefit of the Town.

Options Considered

 ‘Do nothing’ approach - It remains open for this Council and the Towns Board to decline the £20m grant available via the LTPfT fund. That is discounted on the basis that this is an opportunity to building upon the Town Investment Plan (2020) and its 9 priority projects and Levelling Up Fund 1 (Newark Southern Link Road). St Marks has been identified as a site which could be repurposed for positive change in the TIP1, the emerging Newark Masterplan & Design Code, and discussions to date with the Newark Towns Board.