Decision

Allocate the £7.369m of accrued and projected capital receipts, utilising the above stated funding swaps, to the following priority projects:

• £2.819m - Paignton and Preston Waterfront project (to enable the full scope of works);
• £2.900m – to the Strand regeneration project (to enhance viability);
• £1.200m – Paignton Picture House. The Council has an existing decision to underwrite cost over-run of up to £1.6m for this project with forecasted over-run now projected as £1.2m.  We will continue to negotiate repayment of this sum, over a period of several years, depending on the financial performance of the completed scheme;
• £0.200m - Oldway Mansion. In addition to the £8m of grant funding and £1m of Council contribution to date. This will complete phase 1 of the restoration works helping to protect the building from future deterioration; and
• £0.250m – Torre Abbey Chapel. Match funding for an external grant bid aiming to generate £3m for the restoration of the Abbey Chapel.

Reasons for the decision

A strategic approach has been taken to prioritise existing and projected capital receipts against current regeneration and priority Council projects where there are known and/or anticipated cost pressures.

Alternative options considered

The alternative option of allocating capital receipts to any new projects would increase the risk regarding viability and deliverability of key projects already within the Council’s Capital Investment Plan.