Decision

That the following projects receive funding from the Pride in Place funding allocation:

1. 1.    Business-Led Town Centre Improvements

£187,000 to support a programme of short to medium-term improvements to Torquay Town Centre, allocated across two years (£93,500 Capital and £83,611 Revenue funding in each year), comprising £46,750 Capital and £41,805.50 Revenue funding in Year 1 and £46,750 Capital and £41,805.50 Revenue funding in Year 2, and;

1. 2.    South Devon Creative and Cultural Incubation Space

£22,000 Revenue funding to facilitate advanced feasibility studies to determine the demand, viability and logistics of a Creative Hub project in Torquay.

Reasons for the decision

Pride in Place funding is a ten-year funding stream from the MHCLG, and is passed to Torbay Council as the Accountable Body. The Torquay Place Leadership Board is responsible for determining how the funds are allocated. The Place Leadership Board is comprised of a number of business community leaders, including representatives from Torbay Council, and is chaired independently. The Board’s Terms of Reference have been properly adopted, and is subject to strict Governance procedures, reporting progress to both Torbay Council and the MHCLG.

Alternative options considered

There were no alternative options as the Chief Finance Officer was satisfied that the Board had met their requirements for allocating the grant funding from MHCLG.