Issue - meetings

That Cabinet:

a)      note the update for the Long-Term Plan for Towns Funding opportunity and support the ongoing liaison with the Town Board to review and shape a Newark Investment Plan upon publication of the revised Prospectus;

b)      approve £100,000 of additional revenue budget funded from the Capital Feasibility Reserve to allow the continued progression of feasibility and design work for the Newark Market Place improvements, which forms part of the Newark Cultural Heart Towns Fund, as detailed in paragraphs 4.4 of this report;

c)       approve an additional capital budget of £1,020,600 for Newark Castle Gatehouse financed by the Change Management Reserve, as noted in paragraph 3.0 of this report; and

d)       note the expected contribution of up to £1.345m of UK Shared Prosperity Funding and approve a revenue budget of £433,000 for 2025/2026, as detailed in 2.8 of this report, subject to formal confirmation of the Council’s UKSPF allocation. The remaining £912,487 may be added to the Council’s capital programme, subject to a future Cabinet report regarding proposed commitments.

Reasons for Decision:

To continue to deliver catalyst regeneration projects for Newark through the delivery of Newark Cultural Heart, Newark Castle Gatehouse, and new opportunities through a revised Long-Term Plan for Towns Fund, as well as support for district wide schemes, with funding available through the UK Shared Prosperity Fund. 

Options Considered:

There is the option to not engage in any revised Long-Term Plan for Towns process and to leave any Investment Plan to Newark Towns Board. This has been discounted on the basis that the Council remains an important partner within the Towns Board and will continue to offer insight, influence and ability to deliver in addition to having an ongoing role as accountable body. Moreover, the Council has a track record, with partners of delivering catalyst and transformative regeneration within the Town.

There is the option not to ‘front-load’ support the delivery of the Newark Market Place improvements or to decline to increase the capital budget to allow delivery of the Newark Castle Gatehouse Project. This has been discounted as the alternative would be to return the remaining Towns Fund Grant to Government and not implement schemes that have community and stakeholder support.