Agenda item

That Cabinet:

a)      note the project and funding updates as detailed throughout this report;

b)       

c)       

d)       

(Recommendations b, c and d are commercially sensitive and appear only in the exempt minute)

Newark Cultural Heart Market Place (Local Regeneration Fund)

e)      agree to delegate the approval of the Newark Cultural Heart Market Place Improvement Scheme Full Business Case (FBC) to the Council’s Section 151 Officer, in consultation with Newark Town Council, as noted in 2.9 of the report;

f)       note that the agreed Newark Cultural Heart Market Place Improvement Scheme capital budget of £3.61m will be available upon approval of the FBC and financed in full by UK Government Local Regeneration Fund grant;

20 Minute Cycle Town (Local Regeneration Fund)

g)      note the completion of the 20-minute cycle town project and agree to de-commit remaining Section 106 match contributions, with future reallocation to be dealt with via the Council’s Developer Contributions Group, as set out in 2.12 of the report;

Ollerton Regeneration Scheme (Local Regeneration Fund)

h)      agree to accelerate £200,000 of capital funding (fully funded by LRF grant monies) within the approved programme and add this to the proposed capital budget for 2026/27, to progress essential works associated with the Ollerton regeneration scheme ahead of completion of legal agreements and confirmation of planning consent, as set out in section 2.15 of the report;

i)        delegate authority to the Council’s Section 151 Officer to enter into a Grant Funding Agreement with the East Midlands Combined County Authority (EMCCA), up to the value of £750,000 to unlock additional investment towards the Ollerton project, as noted in 2.16 of the report;

j)        approve the addition of £750,000 within the Council’s Capital Programme to facilitate recommendation i) above, fully funded by EMCCA grant monies;

Yorke Drive

k)      delegate authority to the Council’s Section 151 Officer to enter into a Grant Funding Agreement with the East Midlands Combined County Authority (EMCCA), up to the value of £1,000,000 to unlock additional investment towards the Yorke Drive project, as noted in 2.17 of the report;

l)        approve the addition of £1,000,000 within the Council’s Capital Programme to facilitate recommendation k) above, fully funded by EMCCA grant monies;

St Marks Place

m)   note the completion of the related feasibility and due diligence work for St Marks Place, acknowledge the options and associated costs and risks as noted in 2.19 of the report and agree to pause any further feasibility activity at this stage, with future progression contingent upon securing external funding or a material change in market conditions; and

Fund Governance

n)      delegated authority be given to the Section 151 Officer to approve any future  amendments to the Newark Town Board’s Local Assurance Framework, as may be required to reflect updated guidance and policy changes set by the Ministry of Housing Communities and Local Government.

The Director - Planning & Growth presented a report which gave a detailed update to Cabinet on the delivery of the Local Regeneration Fund and Newark capital projects. The report gave updates on the Fund and the specific Newark capital projects making recommendations where required, noting that there was an exempt version of the report and recommendations in relation to the Newark Castle Gatehouse project, as this project was subject to commercial confidentiality.

AGREED     (with 5 votes for and 1 abstention) that Cabinet:

a)           note the project and funding updates as detailed throughout this report;

b)           

c)            

d)           

(Recommendations b, c and d are commercially sensitive and appear only in the exempt minute)

Newark Cultural Heart Market Place (Local Regeneration Fund)

e)           agree to delegate the approval of the Newark Cultural Heart Market Place Improvement Scheme Full Business Case (FBC) to the Council’s Section 151 Officer, in consultation with Newark Town Council, as noted in 2.9 of the report;

f)            note that the agreed Newark Cultural Heart Market Place Improvement Scheme capital budget of £3.61m will be available upon approval of the FBC and financed in full by UK Government Local Regeneration Fund grant;

20 Minute Cycle Town (Local Regeneration Fund)

g)           note the completion of the 20-minute cycle town project and agree to de-commit remaining Section 106 match contributions, with future reallocation to be dealt with via the Council’s Developer Contributions Group, as set out in 2.12 of the report;

Ollerton Regeneration Scheme (Local Regeneration Fund)

h)          agree to accelerate £200,000 of capital funding (fully funded by LRF grant monies) within the approved programme and add this to the proposed capital budget for 2026/27, to progress essential works associated with the Ollerton regeneration scheme ahead of completion of legal agreements and confirmation of planning consent, as set out in section 2.15 of the report;

i)            delegate authority to the Council’s Section 151 Officer to enter into a Grant Funding Agreement with the East Midlands Combined County Authority (EMCCA), up to the value of £750,000 to unlock additional investment towards the Ollerton project, as noted in 2.16 of the report;

j)            approve the addition of £750,000 within the Council’s Capital Programme to facilitate recommendation i) above, fully funded by EMCCA grant monies;

Yorke Drive

k)           delegate authority to the Council’s Section 151 Officer to enter into a Grant Funding Agreement with the East Midlands Combined County Authority (EMCCA), up to the value of £1,000,000 to unlock additional investment towards the Yorke Drive project, as noted in 2.17 of the report;

l)            approve the addition of £1,000,000 within the Council’s Capital Programme to facilitate recommendation k) above, fully funded by EMCCA grant monies;

St Marks Place

m)         note the completion of the related feasibility and due diligence work for St Marks Place, acknowledge the options and associated costs and risks as noted in 2.19 of the report and agree to pause any further feasibility activity at this stage, with future progression contingent upon securing external funding or a material change in market conditions; and

Fund Governance

n)          delegated authority be given to the Section 151 Officer to approve any future  amendments to the Newark Town Board’s Local Assurance Framework, as may be required to reflect updated guidance and policy changes set by the Ministry of Housing Communities and Local Government.

Reasons for Decision:

Through access to vital grant funding and participation in the Local Regeneration Fund programme, the council is presented the opportunity to deliver a number of the priority projects identified within the Community Plan, supporting transformational change for communities, residents and businesses.

Options Considered:

There remains an option not to proceed with the delivery of selected projects within the Local Regeneration Fund or wider capital programme referenced in this report, however it would be considered a missed opportunity to deliver transformational and long-awaited change within Newark and Sherwood. Similarly, with a requirement for Local Regeneration Fund grant to be spent by 31 March 2028, there remains an elevated risk that withdrawal of any project at this stage within the programme, may result in the loss of investment funds.