Agenda item

12.1

The purpose of this report is to provide the context for a recommendation to be accountable body for two grant offers from the South Yorkshire Mayoral Combined Authority totalling approximately £7m. This funding will be used to support two major private sector led regeneration projects at Attercliffe Waterside and West Bar.

This report seeks the approval in principle to accept the funding subject to the final terms of proposed funding agreements broadly on the terms previously from SYMCA and as set out in this report. This is capital funding which is to be received by the Council before the end of March.

Part of the funding is to reimburse the Council for acquisitions made in Attercliffe which the Council has already completed in this financial year. The remainder will be subsequently will be paid to the developers of the projects when they have completed the relevant works, which is likely to be by the end of March 2024.

The future expenditure will be subject to completion of agreements with the developers in compliance with the Council’s budget processes, financial regulations and reported through the capital approvals process.

12.2

RESOLVED UNANIMOUSLY: That Finance Sub-Committee, subject to the finalised grant agreements being broadly on the terms set out in this report, approves the Council as accountable body for the grant offers from the South Yorkshire Mayoral Combined Authority.

12.3

Reasons for decisions

12.3.1

The preferred option is to accept the funding as this will to support the continuation of two major private sector led regeneration projects which are likely to either stall or be reduced in quality as a result.

12.3.2

If the grant towards Attercliffe Waterside was not accepted the costs of acquisition which the Council has incurred and paid through the Brownfield Housing Fund would not be reimbursed resulting in less Council funding being available to support other projects in future.

12.4

Alternatives Considered and Rejected

12.4.1

The Council just could decide not to accept the funding but officers are unable to provide any reason or justification for that course of action.

12.1

The Head of Regeneration and Property Services presented a report that updated the Committee on two grant offers from SYMCA totalling approximately £7m. The report sought approval in principle to accept the funding, subject to the final terms of proposed funding agreements being broadly on the terms previously from SYMCA and as set out in the report.

12.2

The funding would be used to support two major private sector led regeneration projects at Attercliffe Waterside and West Bar. Part of the funding would reimburse the Council for acquisitions made in Attercliffe which the Council had already completed in this financial year. The remainder would be paid subsequently to the developers of the projects when they had completed the relevant works, which was likely to be by the end of March 2024.

12.3

RESOLVED UNANIMOUSLY: That Finance Sub-Committee, subject to the finalised grant agreements being broadly on the terms set out in this report, approves the Council as accountable body for the grant offers from the South Yorkshire Mayoral Combined Authority.

12.4

Reasons for decisions

12.4.1

The preferred option was to accept the funding as this would support the continuation of two major private sector led regeneration projects which were likely to either stall or be reduced in quality as a result.

12.4.2

If the grant towards Attercliffe Waterside was not accepted the costs of acquisition which the Council had incurred and paid through the Brownfield Housing Fund would not be reimbursed resulting in less Council funding being available to support other projects in future.

12.5

Alternatives Considered and Rejected

12.5.1

The Council just could decide not to accept the funding but officers were unable to provide any reason or justification for that course of action.