Purpose

Cabinet are asked to note this update on our Neighbourhood
Capital Investment related to the two initial Levelling Up Fund
(LUF) Bids and the transfer of LUF grant funding between projects,
to enable delivery by the March 2025 funding deadline.
 

Decision

Decision:
 
For the reasons set out in
the report and its appendices Cabinet RESOLVED to Agree to:
 

i) 
The transfer of £1.45m LUF grant funding from the
Lochnagar Bridge project to Canning
Town Old Library and £234k to the Will Thorne Pavilion
project to enable delivery by the Memorandum of Understanding (MOU)
deadline of end of March 2025.
 

ii) 
Note progress to date on the two LUF programmes, as detailed in
Appendix 1
 
Alternatives
Considered
 
a) 
The LUF grant funding could be reallocated to other projects within
the same bid (0195). However, the CTOL project represents a higher
priority to deliver the agreed outputs and outcomes on time.
 
b) 
The remaining LUF grant funding could be handed back to central
government, but this option is not recommended as this proposed way
forward means Newham can continue to benefit from the full grant
awarded.