Decision

That
Cabinet:
 

a)     
note the update for the Long-Term Plan for Towns
Funding opportunity and support the ongoing liaison with the Town
Board to review and shape a Newark Investment Plan upon publication
of the revised Prospectus;

 

b)     
approve £100,000 of additional revenue budget
funded from the Capital Feasibility Reserve to allow the continued
progression of feasibility and design work for the Newark Market
Place improvements, which forms part of the Newark Cultural Heart
Towns Fund, as detailed in paragraphs 4.4 of this report;

 

c)      
approve an additional capital budget of
£1,020,600 for Newark Castle Gatehouse financed by the Change
Management Reserve, as noted in paragraph 3.0 of this report;
and

 

d)      
note the expected contribution of up to
£1.345m of UK Shared Prosperity Funding and approve a revenue
budget of £433,000 for 2025/2026, as detailed in 2.8 of this
report, subject to formal confirmation of the Council’s UKSPF
allocation. The remaining £912,487 may be added to the
Council’s capital programme, subject to a future Cabinet
report regarding proposed commitments.
 
Reasons for
Decision:
 
To continue to deliver
catalyst regeneration projects for Newark through the delivery of
Newark Cultural Heart, Newark Castle Gatehouse, and new
opportunities through a revised Long-Term Plan for Towns Fund, as
well as support for district wide schemes, with funding available
through the UK Shared Prosperity Fund. 
 
Options
Considered:
 
There is the option to
not engage in any revised Long-Term Plan for Towns process and to
leave any Investment Plan to Newark Towns Board. This has been
discounted on the basis that the Council remains an important
partner within the Towns Board and will continue to offer insight,
influence and ability to deliver in addition to having an ongoing
role as accountable body. Moreover, the Council has a track record,
with partners of delivering catalyst and transformative
regeneration within the Town.
 
There is the
option not to ‘front-load’ support the delivery of the
Newark Market Place improvements or to decline to increase the
capital budget to allow delivery of the Newark Castle Gatehouse
Project. This has been discounted as the alternative would be to
return the remaining Towns Fund Grant to Government and not
implement schemes that have community and stakeholder
support.