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11.1 |
The Director of Legal and Governance, submitted a report seeking delegated authority for her, in consultation with the Cabinet Member for Business and Investment, the Cabinet Member for Finance, Resources and Governance and the Executive Director of Resources to submit the Stockbridge Town Investment Plan to secure up to £25M of Central Government Funding for the regeneration of Stocksbridge. |
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11.2 |
RESOLVED: That Cabinet delegates authority to the Director of Legal & Governance, in consultation with the Cabinet Member for Business and Investment, the Cabinet Member for Finance, Resources and Governance and the Executive Director of Resources to submit the Stockbridge Town Investment Plan to secure up to £25M of Central Government Funding for the regeneration of Stocksbridge. |
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11.3 |
Reasons for Decision |
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11.3.1 |
The deadline for the submission of the Town investment Plan (TIP) is end of January 2021. Although the final agreed list of priority projects has not yet been agreed, it is apparent that there is an emerging consensus on the top priorities, reflecting both local residents aspirations as well as deliverability of the projects within the 4-5 year timescale. |
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11.3.2 |
There remain some issues regarding ownership and management of the “assets”, including associated risks and how that is addressed. However, this and other similar technical and legal issues will be addressed at the detailed planning and design stage when Members will have an opportunity to guide and ultimately take the final decision before committing on the ground. |
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11.3.3 |
Fundamentally this is a once in a generation opportunity to address some key infrastructure problems faced by Stocksbridge with its unique geography and challenges, compounded by the pandemic. |
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11.4 |
Alternatives Considered and Rejected |
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11.4.1 |
Do nothing – we could choose not to bid for the funding by not submitting a Town Investment Plan or bid for much reduced funding. There are no benefits under either option as it would simply mean a missed opportunity to regenerate one of the City’s neighbourhoods suffering from decline of the High Street and job losses |
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11.5 |
Any Interest Declared or Dispensation Granted |
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None |
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11.6 |
Reason for Exemption if Public/Press Excluded During Consideration |
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None |
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11.7 |
Respective Director Responsible for Implementation |
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Director of Legal and Governance |
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11.8 |
Relevant Scrutiny and Policy Development Committee If Decision Called In |
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Economic and Environmental Wellbeing Scrutiny and Policy Development Committee |