Issue - meetings

That Cabinet:

a)            note the report;

b)            for the Newark Gateway/SiSCLog Towns Fund Project:

i.           agree to pause the Newark Gateway/SiSCLog Towns Fund project until such time as a viable solution for the relocation of Newark Lorry Park and redevelopment of the Newark Gateway site can be presented back to Cabinet;

ii.         subject to b)i) above, agree to informing the Newark Town Board of the decision to pause the Newark Gateway/SiSCLog development, noting that the £4.294m of Towns Fund money allocated to this project will be reallocated to existing undelivered Towns Fund projects by Newark Towns Board, as delegated to its Chair and the Council’s Section 151 Officer;

c)             for the Stodman Street Phase 1 (32 Stodman Street) and Phase 2 (St Marks Place)

i.           subject to approval of the Newark Towns Board Chair and the s151 Officer (in accordance with paragraphs 2.3 of the report), that the Council reallocates the £4.294m as follows: £790,000 towards Stodman Street Phase 1; £310,000 to the Gatehouse and £3.194m of the remaining budget towards a Stodman Street Phase 2, as detailed below;

ii.         subject to c)i) above, to delegate to the Director - Resources in consultation with the Director - Planning & Growth authorisation to submit a Project Adjustment Form to Government seeking formal authorisation to re-allocate the Newark Gateway/SiSCLog grant to the Stodman Street Phases 1 & 2 and to Newark Castle Gatehouse;

iii.       approve, subject to c)i) an uplift of the Stodman Street and Newark Castle Gatehouse budgets within the Capital programme by £790,000 and £310,000 respectively;

iv.       delegate to the Director - Resources and Director - Planning & Growth authority to continue negotiations to establish an appropriate purchase price and funding package for Stodman Street Phase 2 (St Marks Place), subject to c)i) and c)ii) above and subject to a further update to Cabinet on 4 June; and

d)      for the A46 Bypass and the existing Newark Lorry Park, a further report will be brought to Cabinet on the implications of the A46 Bypass including the specific short and long term impact to the existing Newark Lorry Park as a result of the Bypass.

The Portfolio Holder – Sustainable Economic Development and Director – Planning & Growth, presented a report which provided an update and proposal for next steps in the delivery of the Newark Towns Fund Programme. The report detailed the successful delivery of four Towns Fund projects (the Air & Space Institute; Construction College of Excellence; the YMCA Community Activity Village; and the Cycle Town project) and provided an update on four Council led projects which were in various stages of development (32 Stodman Street; Castle Gatehouse; Newark Heart Project; and Newark Gateway / SisCLog). 

In respect of the development of land at the Newark Gateway site, this was dependent on the relocation of the lorry park, however at the current time it was considered that this was not financially viable given the borrowing rates and current development costs. In addition, the A46 Bypass works would have an impact on site and a further report on this would be brought back to the Cabinet. Therefore, it was proposed to pause the redevelopment of Gateway site and reprofile the grant funding to the Stodman Street, phase 1 and 2 projects and to the Newark Castle Gatehouse project as set out in the report.

AGREED      (unanimously) the Cabinet:

a)            note the report;

b)            for the Newark Gateway/SiSCLog Towns Fund Project:

i.           agree to pause the Newark Gateway/SiSCLog Towns Fund project until such time as a viable solution for the relocation of Newark Lorry Park and redevelopment of the Newark Gateway site can be presented back to Cabinet;

ii.         subject to b)i) above, agree to informing the Newark Town Board of the decision to pause the Newark Gateway/SiSCLog development, noting that the £4.294m of Towns Fund money allocated to this project will be reallocated to existing undelivered Towns Fund projects by Newark Towns Board, as delegated to its Chair and the Council’s Section 151 Officer;

c)             for the Stodman Street Phase 1 (32 Stodman Street) and Phase 2 (St Marks Place)

i.           subject to approval of the Newark Towns Board Chair and the s151 Officer (in accordance with paragraphs 2.3 of the report), that the Council reallocates the £4.294m as follows: £790,000 towards Stodman Street Phase 1; £310,000 to the Gatehouse and £3.194m of the remaining budget towards a Stodman Street Phase 2, as detailed below;

ii.         subject to c)i) above, to delegate to the Director - Resources in consultation with the Director - Planning & Growth authorisation to submit a Project Adjustment Form to Government seeking formal authorisation to re-allocate the Newark Gateway/SiSCLog grant to the Stodman Street Phases 1 & 2 and to Newark Castle Gatehouse;

iii.        approve, subject to c)i) an uplift of the Stodman Street and Newark Castle Gatehouse budgets within the Capital programme by £790,000 and £310,000 respectively;

iv.        delegate to the Director - Resources and Director - Planning & Growth authority to continue negotiations to establish an appropriate purchase price and funding package for Stodman Street Phase 2 (St Marks Place), subject to  ...  view the full minutes text for item 133