Decision details

Delegate Authority approved to the Director of Regeneration and Culture, and Director of Finance in relation to awarding an advanced payment of up to £178,470.54 of Future High Street Fund, in line with the lease / funding agreement for the fit out and occupation of the Wired Lobby in Captain Cook Square.
This authority arises from the: Towns Fund and Future High Streets Fund Executive report of 27 May 2021. Citing recommendations A and D:
a)approve the funding offer for Middlesbrough Council’s funding bid for the investment of the Future High Street Fund (FHSF) allocation, which equates to a total of £14.1m, as detailed within Appendix A;
b)That the Director of Regeneration and Culture and the Director of Finance be delegated approval to vire allocations beneath the £14.1m FHSF allocation, insofar as the objects of the programme and the outputs be consistent with the objectives of the bid, and subject to grant conditions and change control processes

The advance funding will be protected by the following elements of due diligence:
1.Middlesbrough Council has first charge on capital assets / improvements funded with the tenant;
2.Only part of the advance payment will be made at the order stage and the balance will be paid on confirmation of receipt of goods; and,
3.Property management is in close liaison with the vendor and the tenant to monitor the purchase and delivery of equipment
•The funding recognises the payment term of the vendor.
•Public monies are protected with monitoring of the transaction and controls into the purchase funds and Council claim on any assets, should the company fall into any.
•The funding objectives and outcomes are consistent with the approved business case and bid for FHSF funding allocation and programme objectives.

Option 1 - N/A
Option 2 - N/A
Option 3 - N/A