Agenda item

That Cabinet:

a)        notes the contents of the report, including the updates associated with each funding programme, as well as future anticipated updates detailed within this report;

Levelling Up Fund 3 Grant from Government

b)        delegated authority be given to the Director - Planning & Growth and Deputy Chief Executive and Director - Resources, to accept a potential future LUF 3 grant offer via an Memorandum of Understanding,, following a legal assessment of the terms and conditions of grant funding, in accordance with paragraph 1.20 of the report;

Ollerton Project:

c)          approves an initial release of £500,000 of any LUF 3 grant when received in accordance with b) above, subject to a legal review of the terms and conditions of the grant funding and in accordance with paragraph 1.22 of the report;

d)         subject to b) above, delegated authority be given to the Business Manager - Economic Growth & Visitor Economy of additional spend from the approved Capital Budget beyond the £500,000 detailed in c) above, subject only to securing legal control of the required land, subject to planning, securing a match funding resolution to any funding gap, in accordance with paragraph 1.22 of the report;

Clipstone Project:

e)         delegated authority be given to the Business Manager - Economic Growth & Visitor Economy to approve spend of the in principle capital budget for Clipstone Phases 1-3, subject only to: 1) receipt of the full LUF 3 grant from Government as detailed in b) above; 2) no demonstrable funding gap to deliver the scheme in accordance with the Council’s approved Capital budget; and 3) all required land-take to deliver that phase of the scheme being secured or within control of the District Council in accordance with paragraph 1.23 of the report;

Long Term Plan for Towns Fund

f)           delegated authority be given to the Director - Planning & Growth and Deputy Chief Executive and Director - Resources, in consultation with the Newark Town Board, to accept a future Long Term Plan for Towns Fund grant offer of up to £20 million, subject to a review of the terms and conditions, new guidance and the submission of the Investment Plan; and

g)          delegated authority be given to Deputy Chief Executive and Director - Resources, in consultation with the Newark Town Board, to approve grant awards in accordance with the Newark Town Board’s Assurance Framework and Long-Term Plan for Towns Investment Plan as detailed at paragraph 1.13 and Annex 1 of the report.

The Portfolio Holder for Sustainable Economic Development introduced the report which gave an update on the status of various grant funding streams including Newark Towns Fund, Levelling Up Fund 1, UK Shared Prosperity Fund, Long Term Plans for Towns and Levelling Up Fund 3.

In presenting the report, the Director – Planning & Growth gave an update on the latest delivery position in respect of the four key funding programmes and confirmed that the recommendations had been written in anticipation of central government budget proposals being ratified, which was now confirmed following the budget statement.

AGREED (unanimously) that Cabinet:

a)        notes the contents of the report, including the updates associated with each funding programme, as well as future anticipated updates detailed within this report;

Levelling Up Fund 3 Grant from Government

b)        delegated authority be given to the Director - Planning & Growth and Deputy Chief Executive and Director - Resources, to accept a potential future LUF 3 grant offer via an Memorandum of Understanding, following a legal assessment of the terms and conditions of grant funding, in accordance with paragraph 1.20 of the report;

Ollerton Project:

c)          approves an initial release of £500,000 of any LUF 3 grant when received in accordance with b) above, subject to a legal review of the terms and conditions of the grant funding and in accordance with paragraph 1.22 of the report;

d)         subject to b) above, delegated authority be given to the Business Manager - Economic Growth & Visitor Economy of additional spend from the approved Capital Budget beyond the £500,000 detailed in c) above, subject only to securing legal control of the required land, subject to planning, securing a match funding resolution to any funding gap, in accordance with paragraph 1.22 of the report;

Clipstone Project:

e)         delegated authority be given to the Business Manager - Economic Growth & Visitor Economy to approve spend of the in principle capital budget for Clipstone Phases 1-3, subject only to: 1) receipt of the full LUF 3 grant from Government as detailed in b) above; 2) no demonstrable funding gap to deliver the scheme in accordance with the Council’s approved Capital budget; and 3) all required land-take to deliver that phase of the scheme being secured or within control of the District Council in accordance with paragraph 1.23 of the report;

Long Term Plan for Towns Fund

f)           delegated authority be given to the Director - Planning & Growth and Deputy Chief Executive and Director - Resources, in consultation with the Newark Town Board, to accept a future Long Term Plan for Towns Fund grant offer of up to £20 million, subject to a review of the terms and conditions, new guidance and the submission of the Investment Plan; and

g)          delegated authority be given to Deputy Chief Executive and Director - Resources, in consultation with the Newark Town Board, to approve grant awards in accordance with the Newark Town Board’s Assurance Framework and Long-Term Plan for Towns Investment Plan as detailed at paragraph 1.13 and Annex 1 of the report.

Reasons for Decision:

To ensure Members are aware of the recent updates and developments associated with key funding programmes and to enable funding streams to progress, despite delays with funding announcements to date, within Government timescales as required.

Options considered:

If LUF3 and LTPfT grant funding is forthcoming it remains open to this Council to refuse to accept it or engage. This would represent a missed opportunity to delivery genuine and impactful transformative change in the communities of Ollerton, Clipstone and Newark.