Issue - meetings

That Cabinet:

a)       note and welcome the progress on the Towns Fund Programme; and

b)       approve, subject to agreement from the Newark Town Board, the following:

i.               an increase to the Newark Cultural Heart delivery budget by £2,203,737 (made up of £2,110,000 from the Towns Fund Capital grant and £93,737 from the Towns Fund Revenue grant;

ii.             delegate to the Director - Resources, in consultation with the Director - Planning & Growth, authorisation to submit a Project Adjustment Request form to Government seeking authorisation to re-allocate the remaining £2,203,737 detailed at b) ii from the Newark Gateway scheme to the Newark Cultural Heart project; and

iii.           to undertake the Full Business Case and return to Cabinet for approval in late 2024.

The Business Manager - Economic Growth & Visitor Economy presented a report which provided an update for the Cabinet on the Newark Towns Fund Programme and sought approval to submit a Project Adjustment Request to the Government to redistribute the grant funding from the Gateway Project to the Newark Heart Project.

It was noted that the original Newark Cultural Heart project envisaged a £1.5m capital Towns Fund grant towards the visible transformation of Newark Market Place. The aspiration was that this would allow a space, with associated infrastructure that could accommodate a range of experiences from the markets to events, to al-fresco dining, to areas to relax and play. However, it was apparent that the current £1.5m budget would be insufficient to change the Market Place as originally hoped, given the level of reinforcement work required on infrastructure.

AGREED      (unanimously) that Cabinet:

a)            note and welcome the progress on the Towns Fund Programme; and

b)            approve, subject to agreement from the Newark Town Board, the following:

i.           an increase to the Newark Cultural Heart delivery budget by £2,203,737 (made up of £2,110,000 from the Towns Fund Capital grant and £93,737 from the Towns Fund Revenue grant;

ii.         delegate to the Director - Resources, in consultation with the Director - Planning & Growth, authorisation to submit a Project Adjustment Request form to Government seeking authorisation to re-allocate the remaining £2,203,737 detailed at b) ii from the Newark Gateway scheme to the Newark Cultural Heart project; and

iii.       to undertake the Full Business Case and return to Cabinet for approval in late 2024.

Reasons for Decision:

Through the recent Newark Masterplan consultation, the Market Place continues to be a priority for the community. Additional grant will allow for a visible and impactful transformation of the space, enhancing the space for events and animation.

Options Considered:

The Council could return the grant earmarked for the Newark Gateway (SiSCLog) to Government.  This has been discounted given the ability to enhance Newark Market Place as part of Newark Cultural Heart, another Town Fund project.