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.