Decision

That
Cabinet:
 

a)     
note the project and funding updates as detailed
throughout this report;

b)     
 

c)     
 

d)     
 
 

(Recommendations b, c
and d are commercially sensitive and appear only in the exempt
minute)
Newark Cultural Heart Market
Place (Local Regeneration Fund)

e)     
agree to delegate the approval of the Newark
Cultural Heart Market Place Improvement Scheme Full Business Case
(FBC) to the Council’s Section 151 Officer, in consultation
with Newark Town Council, as noted in 2.9 of the report;
 

f)      
note that the agreed Newark Cultural Heart Market
Place Improvement Scheme capital budget of £3.61m will be
available upon approval of the FBC and financed in full by UK
Government Local Regeneration Fund grant;
 
20 Minute
Cycle Town (Local Regeneration Fund)
 

g)     
note the completion of the 20-minute cycle town
project and agree to de-commit remaining Section 106 match
contributions, with future reallocation to be dealt with via the
Council’s Developer Contributions Group, as set out in 2.12
of the report;
 
Ollerton Regeneration Scheme
(Local Regeneration Fund)
 

h)     
agree to accelerate £200,000 of capital
funding (fully funded by LRF grant monies) within the approved
programme and add this to the proposed capital budget for 2026/27,
to progress essential works associated with the Ollerton
regeneration scheme ahead of completion of legal agreements and
confirmation of planning consent, as set out in section 2.15 of the
report;
 

i)       
delegate
authority to the Council’s Section 151 Officer to enter into
a Grant Funding Agreement with the East Midlands Combined County
Authority (EMCCA), up to the value of £750,000 to unlock
additional investment towards the Ollerton project, as noted in
2.16 of the report;
 

j)       
approve
the addition of £750,000 within the Council’s Capital
Programme to facilitate recommendation i) above, fully funded by EMCCA grant
monies;
 
Yorke
Drive

k)     
delegate authority to the Council’s Section
151 Officer to enter into a Grant Funding Agreement with the East
Midlands Combined County Authority (EMCCA), up to the value of
£1,000,000 to unlock additional investment towards the Yorke
Drive project, as noted in 2.17 of the report;
 

l)       
approve
the addition of £1,000,000 within the Council’s Capital
Programme to facilitate recommendation k) above, fully funded by
EMCCA grant monies;
 
St Marks Place

m)  
note the completion of the related feasibility and
due diligence work for St Marks Place, acknowledge the options and
associated costs and risks as noted in 2.19 of the report and agree
to pause any further feasibility activity at this stage, with
future progression contingent upon securing external funding or a
material change in market conditions; and
 

Fund Governance
 

n)     
delegated authority be given to the Section 151
Officer to approve any future 
amendments to the Newark Town Board’s Local Assurance
Framework, as may be required to reflect updated guidance and
policy changes set by the Ministry of Housing Communities and Local
Government.