Issue - meetings

 The Executive Member for Regeneration and the Director of Regeneration and Culture submitted a report for the Executive’s consideration. The purpose of the report was to set out the funding allocations and delivery framework for the recently allocated £14.1m from the Future High Streets Fund (FHSF). A significant proportion of that was proposed to be spent within the Council owned asset, the Captain Cook Square shopping centre, along with strategic investment in urban living, cultural activities, business support, transport and accessibility.

The purpose of the report was to seek the formal approval to deliver the FHSF interventions, in line with the strategic business case and funding criteria, as set out in the successful bid.

The report also set out Middlesbrough’s Towns Fund programme, as determined by the Town Deal Board and approved by HM Government. That established the delivery framework for funded project interventions and set out how a coherent investment programme which deployed a combination of Council Capital (previously approved), Private Sector leverage, Towns Fund and Future High Streets Fund would deliver transformational change for Middlesbrough’s businesses and residents.

Middlesbrough Council had bid for £20.5m in funding and had successfully secured £14.1m from the FHSF in the budget March 2021. The programme had been adjusted to match the funding offer and that had been approved by MHCLG. The programme now included (see Appendix A of the submitted report):

        i.          £3.5m for residential property;

      ii.          £1.05m for transport adaptations and improving safety / security of town centre areas;

     iii.          £270,352 for cultural animation and experiences;

     iv.          £250k for businesses adaptations for covid mitigations; and,

      v.          £9.1m for the transformation of Captain Cook Square for leisure uses, incentives, decant compensation, remodelling units, contribution to fit out and adapting public spaces.

Middlesbrough aimed to commence investment immediately and would deliver a programme over the next three years.

ORDERED

1.      That the funding offer for Middlesbrough Council’s funding bid, for the investment of the Future High Street Fund (FHSF) allocation, be approved - equating to a total of £14.1m, as detailed within Appendix A.

2.      That Middlesbrough’s Town Deal funding programme totalling £21.9m, as determined by Middlesbrough’s Town Deal Board, be endorsed - as detailed in Appendix B.

3.      That Middlesbrough Council take responsibility as the accountable body for the Towns Fund.

4.      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.

5.      That the Towns Fund and Future High Streets Fund delivery objectives, as aligned with the Town Centre Strategy and the Council’s Strategic Plan, be noted.

REASON

Acceptance of the (combined) funding offer of £36m from the Towns Fund and Future High Street Fund, would enable Middlesbrough to invest in a transformational change in its high street economy, economic base, skills and communities. That would provide a sound underpinning to  ...  view the full minutes text for item 13