Issue - meetings

That Cabinet:

a)     note the updates associated with the LRF projects, as detailed throughout this report;

Stodman Street Re-Development

b)     approve a revenue budget from the Change Management Reserve as detailed in the exempt appendix to the report;

Castle Gatehouse

c)     approve an additional capital budget of up to £1,500,000, funded by the Change Management Reserve, as detailed in section 1.5 of the report; and

Ollerton Regeneration

d)     agree to commit £500,000 capital monies (fully funded by the LRF grant and NSDC committed Reserves) within the existing approved programme and add this to the proposed capital budget for 2026/27 to progress essential enabling works ahead of the completion of legal agreements and confirmation of planning consent, as set out in section 1.7 of the report.

The Business Manager - Economic Growth & Visitor Economy presented a report which provided an update, and sought various approvals, for projects within the Local Regeneration Fund (LRF) programme. The report gave specific updates in relation to 32 Stodman Street, Newark; Newark Cultural Heart Market Place improvement; Newark Castle Gatehouse; and the Ollerton and Clipstone regeneration schemes.

AGREED     (unanimously) that Cabinet:

a)           note the updates associated with the LRF projects, as detailed throughout this report;

Stodman Street Re-Development

b)          approve a revenue budget from the Change Management Reserve as detailed in the exempt appendix to the report;

Castle Gatehouse

c)           approve an additional capital budget of up to £1,500,000, funded by the Change Management Reserve, as detailed in section 1.5 of the report; and

Ollerton Regeneration

d)          agree to commit £500,000 capital monies (fully funded by the LRF grant and NSDC committed Reserves) within the existing approved programme and add this to the proposed capital budget for 2026/27 to progress essential enabling works ahead of the completion of legal agreements and confirmation of planning consent, as set out in section 1.7 of the report.

Reasons for Decision:

The projects detailed within this report deliver on the LRF strategic objectives set by the UK Government, as well local the ambitions set out within the Community Plan. This includes driving improved health and wellbeing through the creation of community infrastructure and cultural/leisure opportunities as well as and opportunities for local people through skills and employment-based interventions and unlocking long-term sustainable economic growth.

Options Considered:

There remains an option not to proceed with the delivery of the projects within the LRF programme. This is not recommended as it would present a missed opportunity to deliver transformational and impactful change for the local community and to accelerate local economic growth.