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Issue - decisions

Future High Streets Fund - Fargate and High Street

18/03/2021 - Future High Streets Fund - Fargate and High Street

15.1

To update Cabinet on the Future High Streets Fund (FHSF) following the announcement that Sheffield Fargate and High Street was successful in securing £15.817m funding from MHCLG, and to provide further information around the project and seek approval around next steps including allocation of match funding and acquisition of property.

 

 

15.2

RESOLVED: That Cabinet:-

 

 

1.    Note that the Council have been successful in being awarded £15,817,001 from the Ministry of Housing, Communities and Local Government’s (MHCLG) Future High Streets Fund (FHSF) and in principle agree to the Council accepting the funding subject to the grant terms being received and agreed by the delegated officers.

   

2.    Delegates authority to the Executive Director of Place in consultation with the Cabinet Member for Business and Investment, the Executive Director of Resources, the Director of Legal & Governance and the Director for City Centre Development to accept the MHCLG FHSF funding and enter into a grant agreement.

 

3.    Note that some of the funding has already been received by the Council.

 

4.    Approves the allocation of £5m from the Councils ‘Corporate Investment Fund’ as match funding and approves the application to the Sheffield City Region Mayoral Combined Authority for the funds to be sourced from the Gainshare Fund.

 

5.    Approves the acquisition of property as outlined in Part 2 of this report.

 

6.    Approves the addition of the expenditure associated with this acquisition of this property to the capital programme subject to receiving satisfactory funding terms and conditions from MHCLG.

 

7.    Notes the previous delegation from Cabinet on 18 March 2020 which delegated authority to the 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 any necessary agreements to purchase property, to facilitate the key interventions proposed subject to securing funds from FHSF.

 

8.    Notes that further capital interventions outlined in this report will be brought through the capital approvals process and presented to Cabinet for inclusion on the capital programme.

 

 

15.3

Reasons for Decision

 

 

15.3.1

The Future High Streets Fund provides an opportunity to fund significant interventions to address current and future issues and challenges on Fargate and High Street.

 

 

15.3.2

Authority to acquire property on the terms outlined in part 2 of this report will ensure the delivery of the ‘Events Central’ intervention outlined in the report.

 

 

15.4

Alternatives Considered and Rejected

 

 

15.4.1

Do Nothing

 

Not accepting MHCLG funding of £15.8m would mean foregoing the opportunity to deliver significant capital interventions along Fargate and the High Street and the associated economic, environmental and social benefits. Not acquiring property could mean viable opportunities to deliver key interventions with FHSF are lost or become more complex to deliver.

 

 

15.5

Any Interest Declared or Dispensation Granted

 

 

 

None

 

 

15.6

Reason for Exemption if Public/Press Excluded During Consideration

 

 

 

None

 

 

15.7

Respective Director Responsible for Implementation

 

 

 

Executive Director of Place

 

 

11.8

Relevant Scrutiny and Policy Development Committee If Decision Called In

 

 

 

Environmental Wellbeing Scrutiny and Policy Development Committee