Issue - meetings

That Cabinet:

a)        note the update on the Long-Term Plan for Towns Fund for Newark; and

b)        recommend to Newark Towns Board a number of Newark & Sherwood District Council priority projects and programs we would wish to be considered by them in the preparation of the Newark LTPfT Fund Investment Plan (TIP2), as detailed at paragraph 2.3 of the report.

The Portfolio Holder – Sustainable Economic Development and Director – Planning & Growth, presented a report which outlined the next steps in progressing the Newark Long Term Plan for Towns funding opportunity, including the creation of the required Vision (alignment with the Newark Town Centre Masterplan & Design Code) and the three-year Investment Plan (TIP2) for 2024-2027.

Newark was one of fifty towns identified for an investment of £20m over 10 years to drive ambition and regeneration in towns. To secure this government funding, Newark would need to develop a 10 year Town Plan Vision and a three year Investment Plan. Both plans would be shaped by the Towns Board. It was reported that the three identified priorities for the long term Town Fund were: safety and security; high streets, heritage and regeneration; and transport and connectivity. Once approved, the government would release funding of £1.6m capital and £0.4m revenue per annum for 10 years, subject to submission of three yearly Investment Plans. The Director – Planning & Growth gave an update on Council ed projects as detailed at paragraph 2.3 of the report.

AGREED      (unanimously) that Cabinet:

a)            note the update on the Long-Term Plan for Towns Fund for Newark; and

b)            recommend to Newark Towns Board a number of Newark & Sherwood District Council priority projects and programs we would wish to be considered by them in the preparation of the Newark LTPfT Fund Investment Plan (TIP2), as detailed at paragraph 2.3 of the report.

Reasons for Decision:

The LTPfT opportunity will allow sufficient funding to unlock a range of outputs and allow the Council to deliver on a range of shared priorities if they are also agreed by the Newark Towns Board and are included in the proposed TIP2.

Options Considered:

The Council do have the option not to accept the opportunity of the Long-Term Town Fund. This has been discounted as an option on the basis that the funding presents another opportunity to work with partners to achieve genuine transformational change for the Newark community, aligning fully with the objectives of a range of partners and the Council’s own stated objectives within the Community Plan.

The Council also has the option not to promote to the Newark Towns Board any priorities, projects, or programs. This is also discounted on the basis that the Council’s priorities and Community Plan has been shaped with many partners and communities and there are a number of projects upon which the Council will lead which could deliver genuine, long-term, and legacy transformational change.