Issue - items at meetings - Levelling up Funding Bid
Issue - meetings
Levelling up Funding Bid
Meeting: 16/06/2022 - Executive Cabinet (Item 11)
11 Levelling up Funding Bid
To receive and consider the report of the Chief Executive.
Decision:
1. To approve the submission of a levelling up funding bid.
2. To approve the scheme to be submitted for the levelling up funding bid.
3. To acknowledge that a minimum 10% match funding contribution of £2 million is required for inclusion in the levelling up funding bid and that proposals for future budget requirements, depending on the outcome of the bid, will be provided to Council in a separate report.
4. To acknowledge that costs to develop the funding will be taken from the £125,000 capacity funding which is being provided to the Council by government.
Minutes:
Councillor Alistair Bradley, Executive Member (Economic Development and Public Service Reform) presented the report of the Chief Executive which seeks approval on the submission of a levelling up funding bid and the proposed levelling up funding scheme.
Decision:
1. To approve the submission of a levelling up funding bid.
2. To approve the scheme to be submitted for the levelling up funding bid.
3. To acknowledge that a minimum 10% match funding contribution of £2 million is required for inclusion in the levelling up funding bid and that proposals for future budget requirements, depending on the outcome of the bid, will be provided to Council in a separate report.
4. To acknowledge that costs to develop the funding will be taken from the £125,000 capacity funding which is being provided to the Council by government.
Reasons for recommendations:
To ensure that the Council fully maximises the funding opportunity as this is the final round of Levelling up Funding being offered by Central Government.
Other options considered and rejected:
1. To not submit a funding bid has been rejected as the funding contribution will support significant town centre regeneration.
2. Deferring the approval would mean the funding bid would not be submitted in time for the application submission date of 6 July 2022 at 12 noon.