Purpose

Allocation of the first tranche of Feasibility
Funding. The Feasibility Fund is a revenue grant provided to the
Council by the SYMCA, designed to facilitate the development and
delivery of capital regeneration projects.

Decision

ROTHERHAM METROPOLITAN BOROUGH COUNCIL

 

RECORD OF OFFICER EXECUTIVE DECISION

 

Date of Decision:

14th March 2023

Title:

Feasibility Fund
Allocation: Phase 1

Decision Maker:
(Including Job
Title)

Paul Woodcock, Strategic Director Regeneration
and Environment

Specific Delegation:
(If any)

In June 2023 Cabinet delegated the decision to
allocate and spend the £3m Feasibility Fund to the Strategic
Director for Regeneration & Environment in consultation with
the Leader of the Council and Assistant Director Financial
Services.

Brief Description of
Decision:

The
South Yorkshire Mayoral Combined Authority (SYMCA) have allocated
£3m revenue to Rotherham Metropolitan Borough Council as a
‘Feasibility Fund’. A grant agreement has been signed
to accept the funding and the decision is to allocate
£690,000 of this fund.
 
The
allocation will be used to fund a range of costs in developing and
delivering the Council’s programme of regeneration, including
resourcing, communications, property holding costs, and project
development funding.
 
In line with the
approved delegation the following have been consulted.
 
Leader of the
Council – 12th March 2024
 
Assistant Director
Financial Services – 11th March 2024
 
Cabinet Member for
Jobs & Local Economy – 6th March 2024

Reasons for the Decision:

Allocation of
£690,000 toward the development and delivery of the
regeneration programme. Specifically:
·      
Resourcing
·      
Consultation, communication and marketing
·      
Holding costs
·      
Town centre development funding
 

Details of alternative options
considered and rejected:

Funding could be sought from
alternative sources through capitalisation or Council revenue. The
fund is specifically designed for the purposes proposed here and
has been approved by the MCA and is therefore considered the best
source for this requirement.

Conflicts of interest declared by any
Executive Member consulted by the decision maker which relates to
the decision:

None

Dispensations Granted:
(If any)

None

Reports or parts of reports
considered

Officer Decision – Feasibility Fund
Allocation: Phase 1

June 2023 Finance Update

 
I certify that this is a true
record of the executive decision to approve an allocation of
the Feasibility Fund.
 
Signed by the Decision
Maker  
Dated: 14th March 2024
 
Name: Paul
Woodcock                                    
Job Title: Strategic Director:
Regeneration & Environment