Purpose

To advise Cabinet of progress being made on the Peterborough Station Quarter regeneration programme

Decision

Cabinet RESOLVED to:

1. Note the strategic importance and progress to date of the Peterborough Station Quarter programme as a major gateway regeneration scheme supporting growth, connectivity, inward investment and the wider transformation of the city centre
2. Note that the financial position is being extensively scrutinised in light of financial risks, inflationary pressures, partner expectations and contingency costs. This process is actively underway and will be subject to further reports as this progresses.
3. Note that, subject to approval of the separate report on this Agenda, additional Towns Funding is proposed to be allocated to the first Phase of this project which will assist in significantly addressing cost pressures and abnormal site costs.

Alternative options considered

1.1    Do nothing: this would fail to capitalise on major external investment already secured, leave the station environment and city centre connection below the standard expected of a growing regional city, and risk weakening confidence in the wider regeneration programme.

1.2   Pause or substantially rescope the programme: this could reduce immediate delivery pressure but would create programme, reputational and funding risks, particularly given the number of partners, agreements and dependencies already in place.

1.3   Continue with the current phased delivery approach: this remains the preferred option because it allows progress to continue while managing risk through package-level delivery, senior oversight, partner engagement and ongoing commercial challenge.