Minutes:
The Board considered a report of the Corporate Director of Regeneration Economy and Growth which provided a summary of the Stronger Town Funding – Town Centre Diversification Business Case.
By way of background, Graham Wood reminded the Board of the schemes to replace the Canopy proposals initially identified in the Town Investment Plan. The projects agreed were listed in paragraph 4 of the report.
In Autumn 2022, the Board approved £1.75m to be redirected to support the commercial viability of the leisure-retail park at Tindale, from Town Centre Diversification. The projects identified were further reviewed, as follows:
Property Re-Use Fund
This scheme had been hugely positive with four grant awards to date. Extending the scheme would re-use and re-purpose under-utilised town centre floorspace, reducing vacancy rates and improving economic outputs.
Public Realm Improvements
The public realm improvements were to be based on three key themes: vibrancy, connectivity, and inclusive and prosperous. The report detailed the works proposed as part of the project to regenerate Fore Bondgate, Market Place and North Newgate Street, with images included at Appendix 3.
Artists Hub
The project would re-furbish no. 43 Market Place into an artist’s hub, helping to facilitate and expand the artist-led community in the town, bringing about social and cultural benefits as well as bringing a vacant building back into use.
The economic benefits offered by the overall proposals would achieve an initial BCR of 1.51, offering Medium Value for Money, which was above the threshold of 1.2. If distributional impacts and wider GVA were added the adjusted BCR would increase to 3.06, offering High Value for Money.
Jonathan Gilroy confirmed that a project variation request would be considered alongside the Business Case. The BCR was above the threshold. He did not envisage any issues with the extension of the Property Re-Use Fund.
Natalie Davison-Terranova asked if there were plans for Vinovium House and was informed that improvements required to the building were not achievable through the Stronger Town Fund.
Natalie Davison-Terranova also asked about the outcomes from the public consultation and it was suggested that these be appended to the minutes. Five drop-in events had been held attended by 85 people. 178 on-line responses had been received following 700+ hits on the website. 50% of respondents to the six core questions had agreed or strongly agreed with the projects.
Councillor Siddle confirmed that from the Town Council’s perspective residents were generally supportive of the projects but that more could be done in the town centre. The Town Council had also received concerns about the short consultation window.
David Land stated that the public meeting would be an opportunity to convey to residents what was planned for the town centre.
Rob Yorke made the comment that the previous consultation had a greater response and emphasised the importance of publicising projects as they were announced.
AGREED that
a) the Business Case for the Town Centre Diversification proposals, including the Artist’s hub, public realm improvements and PRF2, be approved and submitted to Government; and
b) funding profile of £6,350,000 STF in the Business Case, which will also leverage private sector funding for PRF2, which for purposes of the Economic Case were calculated at £2,444,992, be noted. Of the STF, £600,000 will be revenue funding for the Artist’s Hub. For public realm improvements, this will build upon a planned FHSF on North Newgate Street, which has £158,000 FHSF and £158,000 DCC funding linked to it.