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Decision details

Future High Streets Fund - Fargate and High Street

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To update Cabinet on progress with developing a business case for submission to MHCLG for the Future High Streets Fund (FHSF). The business case, informed by extensive stakeholder consultation seeks to secure funding to deliver capital interventions including public realm works, digital, lighting and cycling infrastructure and strategic property acquisition on Fargate. The report will seek delegated authority to submit the full business case to MHCLG and further delegated authority to enter into an option agreement and/or contractual agreement to acquire property subject to securing the FHSF funding.

 

Decision:

18.1

The Executive Director, Place submitted a report updating Cabinet on the Future High Streets Fund (FHSF) and progress with developing a full business case for capital interventions on Fargate and High Street, for submission to the Ministry of Housing, Communities and Local Government. The report seeks delegated authority for submission of the full business case and to negotiate and enter into time limited option agreement(s) and or contractual agreement(s) to purchase property, to facilitate the key interventions proposed and which will be subject to securing funds from FHSF.

 

Should the business case be successful a further report will be presented to Cabinet with further details on the key interventions, capital programme and to seek approval to enter into a funding agreement [once the terms and conditions are known]. All interventions/projects will be then be brought through the capital approvals process.

 

 

18.2

RESOLVED: That Cabinet:-

 

(a) delegates authority to the Executive Director of Place in consultation with the Cabinet Member for Business and Investment, the Executive Director of Resources and the Director for City Centre Development to submit the full Future High Streets Fund (FHSF) business case, as detailed in the report;

 

(b) delegates authority to Chief Property Officer and Director of Legal and Governance, in consultation with the Cabinet Member for Finance, Resources and Governance and Deputy Leader, Cabinet Member for Business and Investment, the Executive Director of Resources and the Director for City Centre Development to negotiate and enter into time limited option agreement(s) and or contractual agreement(s) to purchase property, to facilitate the key interventions proposed and which will be subject to securing funds from FHSF; and

 

(c) notes that a further report will be presented to Cabinet should the business case be successful in securing funding.

 

18.3

Reasons for Decision

 

The Future High Streets Fund (FSHF) provides an opportunity to bid for significant funding to address current and future issues and challenges on Fargate and High Street.

 

Delegated authority will enable the Council to secure options to purchase property subject to securing FHSF, which will facilitate new uses particularly on vacant upper floors.

 

 

 

 

18.4

Alternatives Considered and Rejected

 

Do Nothing - Not submitting a full business case would mean missing the opportunity to secure up to £25m in Ministry of Housing, Communities and Local Government funds to deliver significant capital interventions along Fargate and High Street. Not securing the option to acquire property could mean viable opportunities to deliver key interventions with FHSF are lost.

 

 

18.5

Any Interest Declared or Dispensation Granted

 

 

 

None

 

 

18.6

Reason for Exemption if Public/Press Excluded During Consideration

 

 

 

None

 

 

18.7

Respective Director Responsible for Implementation

 

 

Laraine Manley, Executive Director Place

 

 

18.8

Relevant Scrutiny and Policy Development Committee If Decision Called In

 

 

 

Economic and Environmental Wellbeing Committee.

 

Report author: Matt Hayman

Publication date: 19/03/2020

Date of decision: 18/03/2020

Decided at meeting: 18/03/2020 - Cabinet

Effective from: 26/03/2020

Accompanying Documents: