Purpose

To review bids and agree preferred options for fundings support

Decision

It was RESOLVED: -

1. 1.1          That Cabinet reviewed and noted the summary of Round 2 proposals coming forward, outputs and evaluation outcomes.
2. 1.2          That Cabinet resolved to approve from the Stowmarket Town Centre Gateway Fund upper funding limits of:

(a)  £100,000 towards the Mid Suffolk Voluntary Organisations Forum (MSVOF) led redevelopment of Lockington Road (former fire station) - which also supported the expansion of Red Gables existing services and facilities based at Ipswich Street;

(b)  £100,000 towards the conversion of 6 Old Fox Yard to create design room, improved gallery space and workshop including kitchenette/accessible facilities - led by Stowmarket Arts CIC;

(c)  £70,000 towards supporting the establishment of a new coffee roastery and related community activities in the town delivered by Good Vibes Coffee Ltd (subject to a suitable unit or space being identified in the town centre locality); and

(d)  £80,000 towards supporting the establishment of a new milkshake, ice cream and dessert venture by two local entrepreneurs (subject to a suitable unit or space being identified in the town centre locality)

1. 1.3          That Cabinet delegated authority to the Director of Place to finalise the terms and conditions of grant funding agreement with the beneficiaries, and subject to any suitable controls, monitoring and legal advice for ensuring key objectives and purposes of the grant scheme are secured.

REASON FOR DECISION

To maximise the Council’s opportunities to directly invest in Stowmarket’s high street and wider town?centre area - utilising the Gateway 14 dividend - to reduce vacancy rates, stimulate investment, and generate new activity and additionality at key locations.

To develop and promote a diverse range of potential business, cultural, heritage, tourism, hospitality and other end?uses that help address the town’s economic and social challenges, and which complement existing plans and pipeline initiatives for Stowmarket

Alternative Options Considered and Rejected:

Do Nothing. Not recommended. The Council’s £1.5m high street and town centre fund (STCGF) investment package for Stowmarket’s high street and town centre requires transparent reporting of outcomes to date. Any high impact/above threshold expenditure items needed to be formally considered and approved, if appropriate, by Cabinet as a key strategic decision and in line with the funding framework.

That Round 2 (STCGF) summary and support specific requests for (conditional) funding approvals be noted by Cabinet. Recommended.

Any Declarations of Interests Declared: None

Any Dispensation Granted: None