Issue - meetings

Report of the Service Manager Economic Growth and Regeneration.

Council is RECOMMENDED to:

1)         Establish additional capital budget of £1,566,700 as an addition to the 2021/22 capital programme for the redevelopment of the Arnold Market Place funded by:

a)         £255,000 from the earmarked Business Rates Pool Revenue Reserve which is set aside for investment in economic regeneration projects; and

b)         £1,311,700 to be financed by prudential borrowing; and

2)         Agrees the amendment to the Prudential Indicators for 2021/22 as detailed in Appendix E to the report.

Consideration was given to a report of the Service Manager Economic Growth and Regeneration, which had been referred to Council by Cabinet in order to establish the necessary budget to enable to market place regeneration scheme to proceed.

RESOLVED to:

1)    Establish additional capital budget of £1,566,700 as an addition to the 2021/22 capital programme for the redevelopment of the Arnold Market Place funded by:

a)    £255,000 from the earmarked Business Rates Pool Revenue Reserve which is set aside for investment in economic regeneration projects; and

b)    £1,311,700 to be financed by prudential borrowing; and

2)    Agree the amendment to the Prudential Indicators for 2021/22 as detailed in Appendix E to the report.

The Service Manager Economic Growth and Regeneration introduced a report which had been circulated in advance of the meeting, updating members on the progress of the Arnold Market Place redevelopment project as well as seeking delegated authority to enable the project to be progressed.

RESOLVED to:

1)    Approve the final redevelopment scheme for Arnold Market Place as shown at Appendix B to the report, subject to budget approval and any necessary planning permissions being obtained;

2)    Delegate authority to the Chief Executive, in consultation with the Leader of the Council, to submit an application for planning permission for the approved scheme at Arnold Market Place;

3)    Delegate authority to the Service Manager for Economic Growth and Regeneration to make any minor amendments to the approved scheme, in consultation with the Leader of the Council and Portfolio Holder for Growth and Regeneration, as required during the planning application process;

4)    Recommend to Council the establishment of the additional capital budget of £1,566,700 as an addition to the 2021/22 capital programme for the redevelopment of the Arnold Market Place funded by:

a)    £255,000 from the earmarked Business Rates Pool Revenue Reserve which is set aside for investment in economic regeneration projects; and

b)    £1,311,700 to be financed by prudential borrowing;

5)    Approve the use of the earmarked Economic Development Reserve to fund the estimated year 1 revenue subsidy of the scheme of £126,500, as detailed in paragraph 4.3.8 of the report;

6)    Agree the amendment to the Prudential Indicators for 2021/22 as detailed in Appendix E and refer it to Council for approval; and

7)    Note the progress to date, as set out in the report, and the intention to meet the funder’s requirements for the land purchase from the D2N2 LEP N2TC fund.